Powell Industries
Powell Industries Inc. (NASDAQ: POWL) is a provider of packaged solutions for the control, monitoring, and distribution of electrical power and other critical processes with headquarters in Houston, Texas.
History
The company started its operations in 1947 manufacturing switchgear. However, the company suffered a series of financial problems throughout the late 1960s and did not go public until 1971.
On July 4, 2005, Powell acquired UK based company Switchgear & Instrumentation, located in Bradford. Total consideration paid for S&I was approximately $18.0 million.
In 2006 Powell bought a General Electric subsidy for $32,000,000.
The company is currently controlled by Tom Powell, who is also CEO and Chairman of the company.
In December 2012 Mike Lucas was named as CEO and he step down on December 2015.
What they do
Powell Industries manufactures electrical equipment and computer systems that monitor the flow of electricity in industrial facilities. Products include switchgear, bus duct and process control systems for instrumentation, computer control, communications and data management. Powell sells to refineries, utilities, paper mills, offshore platforms, and transportation companies.