Cortés Industrial in Caguas sold to Integrated Power Services
The financial details of the transaction were not disclosed.
Electromechanical services provider Cortés Industrial in Caguas, Puerto Rico, has been sold to Greenville, South Carolina-based Integrated Power Services (IPS). IPS specializes in servicing, engineering and remanufacturing electrical, mechanical and power management assets. The financial details of the transaction were not disclosed.
Cortés Industrial was established in 1977 by Enrique Cortés and offers repair and remanufacturing of electric motors, generators, pump systems and coatings for industries such as manufacturing, maritime, construction, commercial, power generation and water/wastewater.
“We were overwhelmed by the response and range of offers received during our selling process. After thorough analysis, considering factors such as organizational compatibility, culture and alignment with our mission of minimizing customer downtime, we found IPS to be the ideal partner,” said Cortés CEO Enrique Cortés.
“Their understanding of our business, appreciation for our team, and shared commitment to providing value to customers and employees solidified our decision. Our team looks forward to partnering with IPS,” he added.
Cortés operates from a 58,000-square-foot service center, providing services supported by a fleet of tooling and testing equipment. The facility’s addition to IPS makes it part of a network of 50 electromechanical service centers spanning the United States, Canada and the Caribbean region, servicing more than 30,000 industrial customer locations annually.
“For [more than] 40 years, Cortés has been building its service offering to support the reliability of its customers’ critical process equipment. This capability is important to customers looking to expand operations, sometimes amid devastating natural disasters affecting the Caribbean. IPS looks forward to investing in Cortés to add to its offering and help customers revolutionize process reliability,” said IPS CEO John Zuleger.
IPS plans to support Cortés with engineering, administrative and operational capabilities from its resources, particularly from its Florida region, and is committed to investing in the Caribbean region to extend its industry-leading services to underserved customers, the company said.
Cortés Industrial’s clients also include government agencies such as the Puerto Rico Aqueduct & Sewer Authority and the Puerto Rico Electric Power Authority.
