ABB acquires Raffin Electric Company, Ltd.
ABB announced this week its acquisition of the assets of the manufacturing and industrial contracting units of Raffin Electric Company, Ltd. Based in Calgary, Raffin Electric is a manufacturer of custom, premanufactured power distribution centers and other electrical distribution equipment used primarily in harsh outdoor environments.
"This acquisition will help strengthen ABB's leading position in supplying power and automation products, services and systems to the oil and gas industry," said Sandy Taylor, ABB Canada's president and global head of ABB's oil and gas business.
"Raffin's products, its reputation for delivering quality services and the people behind those products and services will complement ABB's focus on meeting customer needs for improved reliability and performance in electrical distribution networks," added Peter Didaskalos, vice president and general manager, high and medium voltage apparatus, power products division, North America.
Raffin Electric employs about 65 people at its Calgary facility and generates over $20 MCAD in annual revenues. The acquisition will be integrated into ABB's Power Products for Medium Voltage business and will continue to operate as a dedicated site in Calgary.
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Annual Salary Survey
Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.
There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.
But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.
Read more: 2015 Salary Survey