Woodward to acquire IDS
Energy controls manufacturer Woodward, Inc., Fort Collins, Colo., has reached a definitive agreement to acquire Switzerland-based Integral Drive Systems AG and its European companies, including their respective holding companies (IDS), as well as the key assets of IDS' business in China, for a total amount of approximately $36 million in cash. IDS is a manufacturer of power electronic systems predominantly in utility scale wind turbines and photovoltaic plants. Its products are also used in offshore oil and gas platforms, energy storage and distribution systems and a variety of industrial applications.
Summit Electric pledges $50,000 for Japan relief efforts
Summit Electric Supply President and CEO Victor R. Jury Jr. announced a commitment of $50,000 to the American Red Cross for Japan relief efforts, including a $25,000 cash contribution and $25,000 company match for donations by Summit associates. “As the scope and scale of the tragic effects of the recent earthquake in Japan are revealed, it is impossible to watch from the sidelines and do nothing,” Jury said. The donation will be made through the American Red Cross operations in Albuquerque, Summit Electric's headquarters. Summit Electric provided a similar contribution to other relief organizations last year for Haiti following that country's devastating earthquake.
KB Home goes all-solar in California housing developments
Residential developer KB Home, Los Angeles, will provide solar power systems for new homes as a standard feature in 10 Southern California communities. The company has already provided solar power systems as an option for its homebuyers in select communities in California and Colorado for a number of years, but this is the first time it will build entire communities featuring solar power systems for every home. KB Home has already begun offering the solar power systems at three developments; five additional Southern California communities featuring solar power for every home will open over the next 60 days, and two more are expected to open in the fall of 2011. SunPower Corp., San Jose, will provide the solar technology.
NESCO expands in Vermont
Needham Electric Supply (NESCO), Canton, Mass., has acquired certain assets of Midstate Electric Supply, a single branch distributor in Berlin, Vt. Midstate will operate as a NESCO-Needham Electric Supply company. Founded by Barry Spencer and Dale Trottier in 1995, Midstate Electric Supply is a privately held distributor that focuses on serving residential contractors in central Vermont. Barry Spencer has been named branch manager and will continue managing day-to-day operations.