Spun Metals Inc., a Brazil manufacturing company owned by Jeff and Brian Deakins, was sold Dec. 10 to Integrated Energy Technologies. Michael Lampert, President of IET, recently visited the plant and talked about the company's history and their plans for growth with Spun Metals.
Started in Evansville, Ind. in 1992, IET specializes in turbine combustion components for industrial and aerospace applications. In industrial application, the turbine drives a shaft that generates power. IET concentrates on the combustion part.
IET acquired the MECO company in Paris, Ill., recently. MECO was Spun Metals largest customer. That led IET to Spun Metals located at 301 N. Murphy Ave. Lampert hopes to purchase two or three more companies in the near future.
IET's customer base includes Siemens Westinghouse, Rolls Royce, Teledyne, General Electric Industrial and Aircraft Engineering, Ingersoll-Rand, Pratt & Whitney, Caterpillar and Solar Turbines.
Spun Metals Inc. has 42 employees and all kept their jobs.
"When we invest, we invest in people and technology," Lampert said. "It's our intention to grow Spun Metals or we wouldn't have bought it. We'll do what we need to do to compete in a global market place."
Lampert said that will take time.
"In the turbine engine world, growth and progress is a long term venture. You will not see any long term changes quickly in this company."
Lampert explained that Spun Metals is a niche market, which takes a high level of training.
"This plant should see a significant increase in technology," he said. "We require our processes to have a high degree of engineering content."
The market and product cycle takes 18 to 36 months. Over that time period, Spun Metals should evolve into a globally recognized manufacturer of components.
"We're going to be an international company," he said.
As the soft-spoken Lampert talked about the new plant and his aspirations for growth, he sounded like a man who may have been raised in a large metropolitan area. But that couldn't be farther from the truth.
Lampert, 42, has a Master's degree in business from Southern Illinois University and was raised at Cave-In-Rock, Ill., He served five years in the Air Force then entered the private sector in 1991. He was vice president of operations for two different companies before becoming president of IET.
Lampert is married and has three daughters ages 9, 8 and 1.
He likes small towns.
"We will be a very good corporate citizen," Lampert said.
Former Spun Metals co-owner Jeff Deakins thinks the new owners will be good for Brazil.
"I think the acquisition is going to be good for the company," Deakins said. "I look for the company to grow considerably over the next few years and that will be beneficial for the community."