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US business review - April 2006

Full Steam Ahead
Acquisitions have helped Indeck Power increases its products and services to provide a complete offering to customers. The company plans to continue to expand and leverage its resources.

Located in Wheeling, IL. Indeck Power Equipment Co. says it "may frequent the same premises as it has over the last several decades," but it also "has continuously evolved to be a cutting-edge leader in the heavy power equipment industry." From its roots as a distributor of various package boiler systems, Indeck says it has become a leader in the development of temporary mobile boiler systems.

"Under our present structure, the Indeck Group of Companies can meet any challenge created by our diverse base of customers," President and COO Marsha Fournier stresses. "When our customers have a need, we can respond.

We are a single-source package boiler system supplier. Other manufacturers just provide the boiler, but we do so much more than that. We can assist with the EPA permitting, engineer the complete package and provide all accessory equipment and parts such as the burner, fan, motor, economizer, duct, stack, structural steel, combustion control and burner management system. We can handle all transportation needs, install and maintain the boiler system, all of which simplifies everything required for the customer. We sell the complete package with one warranty for our proven technology. No one else does all that."

To keep up with changes in the marketplace and customer demands, Indeck moved to complete vertical integration, from design and engineering, to manufacturing, to distribution, installation and service support.

Indeck's diverse capabilities are the result, in part, to two recent acquisitions: Volcano Boiler in 2002 and Keystone Energy in 2004. "In addition to having acquired the Volcano and Keystone/Zurn product lines, the addition of Volcano's manufacturing facility and Keystone's product design, engineering and project execution expertise have created the vertical integration the Indeck was seeking to achieve," Fournier says. Indeck now manufacturers and markets under the Keystone, IBW, International-Lamont, Travagrate, ThermoFlo, Volcano, Starfire and Indeck Water Treatment brands. Indeck Power had previously only been the exclusive distributor for Zurn and Volcano boilers." "The integration of the companies within the group and capturing those efficiencies continues to be a priority for Indeck," she adds.

Indeck offers a range of products and components including packaged watertube boilers, large custom packaged watertube designs, firetube boilers, high temperature hot water boilers, waste heat boilers, solid duel boilers and field erected systems. "These newly acquired product lines are comprised of proven technologies for very high capacities, pressure and temperatures," says Indeck General Manager Chris Petcos. "The durable and efficient designs provide added value for customers requiring these large designs."

In addition, Indeck provides rental diesel generators, chillers, compressed air dryers, deaerators and mobile trailers. Its services including testing, shutdowns, repairs, planned downtime, emergency response, designs, start-up and construction.

"The latest acquisition broadens our product lines and provides us with direct access to a number of attractive market segments," Fournier said in a 2004 statement. "We now have one of the most comprehensive product and service offerings in North America."

Although Indeck is focused on vertical integration, Fournier says it's a challenge to integrate the acquired assets and product lines into the existing business model. Creating synergies between the distribution, rental and manufacturing operations has been a top objective. "Capturing the efficiencies between the companies within the Indeck group has been a challenge," Fournier says. "We have been working on getting our manufacturing and distribution in line, and integrating them with our existing longevity sales expertise.

"While initial integration has been completed, Indeck Power plans to further integrate its operations, continue leading the industry, broaden its customer base and diversify its capabilities," she continues. "With the acquisitions, we will now be able to greater leverage our resources, intellectual property and human resources to establish even greater leadership."

Indeck remains dedicated to customer satisfaction, which has been a cornerstone under Chairman and CEO Gerald R. Forsythe. "We wouldn't be where we are today without our customers, "Fournier stresses. "We have been in business for more than 45 years because our customers come back to us when the need arises. We are the largest supplier of rental boilers in the United States and that repeat business gets us in the door when customers are looking to purchase.

The group continues to explore new ways to better serve its customer base. "Indeck's key customers include refineries, chemical plants, paper mills, institutions or any major manufacturer when require steam or hot water," Fournier says. "Repeat customers have been the company's foundation for success.

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