Bunting Magnetics Co. of Newton announced Monday company officials signed an agreement to acquire Global Magnetics, Inc. The Florida-based company sells and distributes magnetic systems and mineral separation equipment designed and built by Master Magnets Ltd. throughout the United States, Canada, Central America and South America.
Bunting had acquired Master Magnets Ltd in January. Master Magnetics produces industrial magnetic separation equipment including Eddy Current Separators, Permanent and Electro Magnets, Overband Magnets, Drum Magnets, Magnetic Head Pulleys and Suspension Magnets sold through a worldwide network of distributors, including Global Magnetics.
“Global Magnetics has a strong customer base and growth strategy in place to accelerate our footprint in the mining, minerals, quarry and aggregate industries with the world’s most innovative and quality processing and recycling equipment,” commented Bob Bunting, President & CEO, Bunting Magnetics Co. “With their deep understanding of these markets and our recent acquisition of Master Magnets, the business is an excellent strategic fit and brings a unique opportunity to be competitive in additional industries and markets.”
In announcing the acquisition Bunting also announced Rich Evangelista will become Business Development Manager, Aggregate, Mining and Minerals. In his new role, Evangelista will work with the Master Magnets Ltd line of equipment in markets throughout the Americas. Evangelista has more than 21 years of material handling and magnetic separation equipment sales experience. Most recently, he worked in sales and customer service at Weise USA, a Wichita based material handling equipment provider. He will based at the company’s global headquarters in Newton.
Marshall Gralnick, Global Magnetics President, will assist in the transition in a consulting capacity. Terms of the acquisition of Global Magnetics, Inc. were not disclosed.