Generac Power Systems
Encyclopedia
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Generac Power Systems (NYSE: GNRC)is a manufacturer of backup power generation products serving residential, light commercial and industrial markets. Generac’s power systems range in output from 800 watts to 9 megawatts, and are available through a broad network of independent dealers, retailers and wholesalers. Generac is headquartered in Waukesha, Wisconsin
(southeastern Wisconsin) and also has manufacturing facilities in Eagle, Wisconsin
and Whitewater, Wisconsin
, for a total of more than 1000000 square feet (92,903 m²) of manufacturing space. A facility in Maquoketa, Iowa has never been fully used for manufacturing and is now being leased.
It is the multiple recipient of Milwaukee Magazine’s “Best Places to Work” award for Southeastern Wisconsin..
By end of the 1980s, the company was manufacturing residential, commercial and industrial generators, and in 1989, Generac introduced the first gaseous-fueled automatic home standby system
. In the early 1990s, the company created an air-cooled OHVI (overhead valve industrial) engine, designed specifically for the rigors of power generation, which was followed by larger and more advanced models. These engines continue to be used in Generac’s automatic home standby and portable generators. Generac also added pressure washers, air compressors and welders to its mix of portable products.
In 1992, Generac began private labeling generator sets for Caterpillar, Inc.
As the partnership grew between the two companies, they discussed a potential acquisition of Generac by Caterpillar, although a deal was never finalized. In June 1996, Caterpillar decided to terminate the private labeling agreement. Generac then sued Caterpillar under the Wisconsin Fair Dealership Law ("WFDL"), the Sherman Act, the Wisconsin common law concerning restrictive covenants, and the Illinois Consumer Fraud and Deceptive Business Practices Act. The federal district court, in two separate orders, disposed of the action in Caterpillar's favor. Generac then challenged the lower court's rulings in the U.S. 7th Circuit Court of Appeals
, which ruled that Generac's claims were properly dismissed by the lower court. Generac continued to supply some transfer switches to Caterpillar until 2002, when Caterpillar changed suppliers.
In 1998, Generac sold its portable products division to a private equity group, who later sold it to Briggs & Stratton Corporation. Upon expiration of a non-compete agreement related to the sale, Generac re-entered the portable generator market in 2008, re-establishing its historic leadership in that category. In late 2006, Generac was sold to CCMP Capital, New York, N.Y.
In 2009 CCMP took a write-off, described as a non-cash goodwill and trade name impairment charge, of $583.5 million against their purchase of Generac.
Aaron Jagdfeld was appointed president and chief executive officer of Generac Power Systems in 2008. Through his leadership, the company refocused its vision and branding strategy. Jagdfeld also marshaled the company’s resources to quickly re-enter the portable generator market.
Generac shares trade under the ticker symbol GNRC.
In December 2009, Generac introduced Generac Industrial Power—a rebranding of its industrial products division—to reflect its redesigned and re-engineered product line, which includes new engines, new enclosures, several ergonomic enhancements and aesthetic changes. As part of this commitment, Generac announced a strategic partnership with Fiat Powertrain Technologies
to supply Generac with industrial diesel engines for use in industrial generators. Generac's industrial sizing application, Power Design Pro, received silver in the 2010 Plant Engineering "Product of the Year" award.
Generac products have been featured in publications like Consulting-Specifying Engineer
, Builder
, Professional Builder
, Professional Remodeler
and Popular Mechanics
. The company has also earned the Good Housekeeping Seal for its Guardian® Series home standby generators as well as several portable generators.
Generac Power Systems (NYSE: GNRC)is a manufacturer of backup power generation products serving residential, light commercial and industrial markets. Generac’s power systems range in output from 800 watts to 9 megawatts, and are available through a broad network of independent dealers, retailers and wholesalers. Generac is headquartered in Waukesha, Wisconsin
Waukesha, Wisconsin
Waukesha is a city in and the county seat of Waukesha County, Wisconsin, in the Upper Midwest region of the United States. The population was 70,718 at the 2010 census, making it the largest community in the county and 7th largest in the state. The city is located adjacent to the Town of Waukesha...
(southeastern Wisconsin) and also has manufacturing facilities in Eagle, Wisconsin
Eagle, Wisconsin
Eagle is a village in Waukesha County, Wisconsin, United States. The population was 1,707 at the 2000 census. The village is located within the Town of Eagle.-Museums:...
and Whitewater, Wisconsin
Whitewater, Wisconsin
Whitewater is a city in Jefferson and Walworth Counties in the U.S. state of Wisconsin. Located near the southern portion of the Kettle Moraine State Forest, Whitewater is the home of the University of Wisconsin–Whitewater.-Geography:...
, for a total of more than 1000000 square feet (92,903 m²) of manufacturing space. A facility in Maquoketa, Iowa has never been fully used for manufacturing and is now being leased.
It is the multiple recipient of Milwaukee Magazine’s “Best Places to Work” award for Southeastern Wisconsin..
History
Founded in 1959, Generac applied new silicon diode technology to generators. By the next year, the company had developed its first revolving field alternator. Soon after, Generac began producing portable generators for Sears, Roebuck and Co. under the Craftsman brand. During the 1970s, Generac expanded its offerings in the portable and recreational vehicle markets, and the company entered the commercial and industrial markets (specifically backup power generation systems) in the 1980s. During that time, Generac also developed innovative new automatic transfer switch technology.By end of the 1980s, the company was manufacturing residential, commercial and industrial generators, and in 1989, Generac introduced the first gaseous-fueled automatic home standby system
Standby generator
thumb|right|Standby generatorsA standby generator is a back-up electrical system that operates automatically. Within seconds of a utility outage an automatic transfer switch senses the power loss, commands the generator to start and then transfers the electrical load to the generator. The standby...
. In the early 1990s, the company created an air-cooled OHVI (overhead valve industrial) engine, designed specifically for the rigors of power generation, which was followed by larger and more advanced models. These engines continue to be used in Generac’s automatic home standby and portable generators. Generac also added pressure washers, air compressors and welders to its mix of portable products.
In 1992, Generac began private labeling generator sets for Caterpillar, Inc.
Caterpillar Inc.
Caterpillar Inc. , also known as "CAT", designs, manufactures, markets and sells machinery and engines and sells financial products and insurance to customers via a worldwide dealer network. Caterpillar is the world's largest manufacturer of construction and mining equipment, diesel and natural gas...
As the partnership grew between the two companies, they discussed a potential acquisition of Generac by Caterpillar, although a deal was never finalized. In June 1996, Caterpillar decided to terminate the private labeling agreement. Generac then sued Caterpillar under the Wisconsin Fair Dealership Law ("WFDL"), the Sherman Act, the Wisconsin common law concerning restrictive covenants, and the Illinois Consumer Fraud and Deceptive Business Practices Act. The federal district court, in two separate orders, disposed of the action in Caterpillar's favor. Generac then challenged the lower court's rulings in the U.S. 7th Circuit Court of Appeals
United States Court of Appeals for the Seventh Circuit
The United States Court of Appeals for the Seventh Circuit is a federal court with appellate jurisdiction over the courts in the following districts:* Central District of Illinois* Northern District of Illinois...
, which ruled that Generac's claims were properly dismissed by the lower court. Generac continued to supply some transfer switches to Caterpillar until 2002, when Caterpillar changed suppliers.
In 1998, Generac sold its portable products division to a private equity group, who later sold it to Briggs & Stratton Corporation. Upon expiration of a non-compete agreement related to the sale, Generac re-entered the portable generator market in 2008, re-establishing its historic leadership in that category. In late 2006, Generac was sold to CCMP Capital, New York, N.Y.
In 2009 CCMP took a write-off, described as a non-cash goodwill and trade name impairment charge, of $583.5 million against their purchase of Generac.
Aaron Jagdfeld was appointed president and chief executive officer of Generac Power Systems in 2008. Through his leadership, the company refocused its vision and branding strategy. Jagdfeld also marshaled the company’s resources to quickly re-enter the portable generator market.
Generac goes public
On February 11, 2010, Generac Holdings Inc. (NYSE: GNRC), parent company of Generac Power Systems, Inc., began trading on the New York Stock ExchangeNew York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
Generac shares trade under the ticker symbol GNRC.
Products
Generac manufactures gaseous-fueled, diesel-fueled and Bi-Fuel™ engine-driven power generation equipment, modular paralleling systems, automatic transfer switches and small engines. The company supplied products to the industrial, commercial, portable and RV generator markets.In December 2009, Generac introduced Generac Industrial Power—a rebranding of its industrial products division—to reflect its redesigned and re-engineered product line, which includes new engines, new enclosures, several ergonomic enhancements and aesthetic changes. As part of this commitment, Generac announced a strategic partnership with Fiat Powertrain Technologies
Fiat Powertrain Technologies
The Fiat Powertrain Technologies is a part the Fiat Group, which includes all the activities related to powertrains and transmissions to Fiat Automobiles Iveco , Centro Ricerche Fiat and Elasis....
to supply Generac with industrial diesel engines for use in industrial generators. Generac's industrial sizing application, Power Design Pro, received silver in the 2010 Plant Engineering "Product of the Year" award.
Generac products have been featured in publications like Consulting-Specifying Engineer
Consulting-Specifying Engineer
Consulting-Specifying Engineer is a trade publication and website owned by CFE Media, serving the information needs of engineering personnel who perform various consulting engineering activities....
, Builder
Builder
Builder may refer to:* General contractor, that specializes in building work**Subcontractor* Construction worker who specializes in building work* Builder a component of modern detergents...
, Professional Builder
Professional Builder
Professional Builder is a trade publication and web site serving the information needs of the housing and light construction marketplace.Established in 1936, Professional Builder magazine is published monthly with two additional issues in the fall and December...
, Professional Remodeler
Professional Remodeler
Professional Remodeler is a trade publication and web site serving the information needs of residential, commercial, and general remodeling contractors.Established in 1997, Professional Remodeler magazine is published monthly...
and Popular Mechanics
Popular Mechanics
Popular Mechanics is an American magazine first published January 11, 1902 by H. H. Windsor, and has been owned since 1958 by the Hearst Corporation...
. The company has also earned the Good Housekeeping Seal for its Guardian® Series home standby generators as well as several portable generators.