PRESS RELEASE
For Immediate Release:
07 September 2012 – WINDHAM, MAINE USA
Industrial Microwave Oven Services – Breaks Off Merger Talks
Industrial Microwave Oven Services LLC (IMOS), an Anania & Associates Investment Company
LLC (AAI) portfolio company and a leader in microwave process equipment has broken off discussions with Ferrite Microwave Technologies LLC (Ferrite) of Nashua, New Hampshire regarding a proposed agreement to merge the companies.
IMOS will continue to sell and service microwave heating, cooking and tempering systems worldwide. Its customers include several Fortune 500 companies and their counterparts overseas, who specialize in food processing, materials manufacturing or otherwise require heat to thaw, cook or cure compounds.
“We are disappointed we could not come to terms in regards to IMOS’ planned merger with Ferrite’s systems division.” says AAI’s Chairman Peter V. Anania.
“However, we still have a tremendous opportunity to strengthen IMOS’ standing in the market by organically broadening its range product offerings. Over the last few years IMOS built up substantial manufacturing capacity, strong engineering resources and a more complete offering of RF solutions. IMOS plans to continue to add to its offerings, do it efficiently and provide shorter lead times.”
IMOS Partner and Vice President of Sales, Mr. Neil Towey said: “Our ability to leverage the RF system
design expertise and manufacturing capacity of our sister company, Mega Industries, allows us to offer new innovative products helping to increase process throughput for our customers worldwide. We continue to see tremendous opportunities for us around the world.”
Mega Industries LLC, another AAI portfolio also broke off its discussions under a separate transaction, to be merged with the Components Division of Ferrite, which would have been relocated to Gorham, Maine.
IMOS is celebrating its 3rd year in business and manufactures, sells and services microwave heating, cooking and tempering systems. IMOS customers specialize in food processing, materials manufacturing or otherwise require heat to thaw, cook or cure compounds. IMOS is one of nine manufacturing concerns owned by AAI, with over 160 employees and occupying over 130,000 square feet of light manufacturing in the State of Maine.