Current CEO Purchases IEA, Inc. and Refocuses on Growth as Engendren Corporation.
James A. Kettinger, who has served as the President and Chief Executive Officer of IEA, Inc., for the past five years completed his purchase of the company from George and Sue Newell on May 16th, 2012.
Kettinger, who served as IEA’s CEO following four years consulting with the Company on strategic and financial management issues, explained that to take advantage of its many domestic and global growth opportunities, IEA needed to expand its financing base.
In light of the obligations such expansion presented, the Newells felt it was best to implement their established succession plan.
“Jim has done a great job guiding IEA to its current strong market position,” said George Newell. “Sue and I both felt having the company in the hands of someone who knew and appreciated our business would ensure the best possible future for our employees, customers, suppliers and sales representatives.”
In addition to an expansion of its industrial radiator business serving large engine manufacturers such as Caterpillar, Cummins and MTU, IEA entered the modular data center industry in the last two years under the Silver Linings brand. Silver Linings provides highly differentiated, thermally managed environments for technical data center equipment such as computer servers, switches and back-up power units.
The Engendren family will initially consist of IEA, LLC, continuing the IEA, Inc. legacy of world-class radiator manufacturing, ArcRon, LLC, a steel fabrication subsidiary, and Silver Linings Systems, LLC. Also included is Chrysalis, LLC, a subsidiary poised for international investments in markets demonstrating growing demand for the products of the other Engendren companies. All Engendren subsidiaries are wholly owned. Engendren employs 255 people at its facilities in Kenosha and Menomonee Falls, WI.
Strategic direction and overall financial control will be provided to the company’s four operating units by a corporate team comprised of existing managers. The new structure is incorporated under the name Engendren Corporation. “The new company name is based on the word, ‘engender’, which means to ‘cause to exist or to develop’, which is a perfect focal point of our long term strategic plan,” said Kettinger. “Engendren is a platform for strategic growth of our existing companies and for the birth of new companies.”
“As exciting as this stage of the venture is, it’s just our beginning. We’re now in a position to take this enterprise to an even greater future”, said Kettinger.