In the last 15 years, Pacific completed more than 100 projects through EPC firms and directly with customers, mostly in the oil refining, utility and mass transit sectors, according to company officials.
The acquisition will significantly enhance Pioneer's technical qualifications with more advanced classifications of switchgear, and provides access to larger, long-cycle project opportunities, new customers and end markets where Pioneer should be able to leverage its full suite of engineered product solutions, company officials said.
"This acquisition effectively completes our portfolio of low and medium voltage switchgear offerings, and is expected to sustain our overall growth objectives for years to come," Nathan Mazurek, Pioneer's chairman and CEO, said. "At the same time, it provides multiple new avenues to drive efficiency and operational growth in both our T&D Solutions and Critical Power Solutions businesses."
He added that by buying Pacific Power it would enable the company to capitalize on new opportunities.
"Our team's focus on operational execution, both internally and externally, will be critical," Mazurek said. "I am confident that our efforts will place us in a stronger market position from which to engage and serve our customers, and improve our financial performance in 2016 and beyond."