North Carolina automation, power solutions and electrical distributor Electrical Equipment Company announced Tuesday that it has acquired Virginia counterpart Foster Electric.
EECO officials said that the deal would expand its industrial and automation expertise in the Virginia electrical contractor market. Foster Electric will retain its current name and staff, as well as its Lynchburg facility, the company added.
The deal officially closed the week before EECO’s announcement; financial terms were not disclosed.
"Foster Electric's reputation for service and deep roots in the Lynchburg market make them a great fit for EECO," EECO President and CEO Mark Holmes said in a statement. "As we celebrate 100 years of serving our customers, welcoming Foster Electric's team and supporting their continued success as an independently operated part of our company is exactly the kind of growth we want to build on."
"For nearly 70 years, our team has focused on taking care of the customers and communities we serve, and that won't change," added Foster President Duane White. "Joining EECO gives us access to greater resources while allowing us to keep operating the way our customers have come to expect."
EECO was founded in Raleigh in 1926. The company operates 11 locations across Virginia and the Carolinas.
