Ringing in Ten Years of Growth
WAUKESHA, Wis., Feb. 10, 2020 /PRNewswire/ -- Generac rang the opening bell at the New York Stock Exchange today to mark a decade since first being listed. The Company made its Initial Public Offering (IPO) on Feb. 10, 2010, at $13.00 per share, and began trading the following day. The issue closed at $101.35 at market close on Feb. 7, an increase of 679 percent since the IPO.
"We're incredibly proud of our performance the last ten years," said Aaron Jagdfeld, Generac Chairman and CEO. "We've helped millions of home-owners and businesses prepare for the power outages that continue to impact the world's electrical grids."
Generac became a publicly traded company 51 years after it was founded by longtime owner, Robert Kern. The IPO ushered in an era of global expansion, starting with the Company's acquisition of Ottomotores, an industrial generator manufacturer with operations in Mexico and Brazil. The latest acquisition, Pika Energy, Inc. in April 2019, marked Generac's entry into the energy storage market, and overnight, made the Company a leader in distributed energy solutions. Markets responded strongly to the Company's strategy, making Generac the highest performing publicly traded stock of any Wisconsin-based company in 2019.
"We believe that homes and businesses of the future will not rely solely on electrical grids for their power," said Jagdfeld. "Instead, power generation and storage will be distributed to the building level. We're excited to be at the forefront of that effort as we develop and install more environmentally-responsible natural gas fueled generators and battery storage systems that allow users to become less reliant on an outdated grid."
Failing electrical grids affect more than homes and businesses. Technology that depends on electricity is becoming a critical element of the nation's infrastructure and a part of Generac's future, says Jagdfeld. "Fifth generation cellular technology is required for everything from the self-driving cars of the near future to business data requirements. As 5G becomes a reality, the cellular towers that transmit data become indispensable and cannot be subject to electrical failure. Generac is the leading provider of backup power to cell towers in the United States, but we're committed to backing up all towers, as data becomes critical not only to business, but public safety."
Generac's success has been driven by smart strategy and implemented by the best people, said Jagdfeld. "From the strategy that our board and executive team has set, to all of the professionals at every level, our success is only possible because of great people. Every person at Generac – every assembler on the line, engineer in the lab, every customer service agent manning the phones during a hurricane – feels the responsibility to help our customers. It's that commitment that makes this a special place to work," he continued. "We're working on a higher mission- to help people when they need it most, to help protect the environment, and to change the way we power our homes and businesses."
For more information about Generac or the products the company makes, visit www.generac.com. Photos of the bell ringing event are available to media upon request.
MEDIA CONTACT: Ashley Kast: [email protected] | 608-633-2404
Generac Power Systems, Inc. (NYSE: GNRC) is a leading global supplier of backup power and prime power products, systems, engine-powered tools, and energy storage systems. In 1959, our founder was committed to designing, engineering and manufacturing the first affordable backup generator. More than 60 years later, the same dedication to innovation, durability and excellence has resulted in the company's ability to expand its industry-leading product portfolio into homes and small businesses, on job sites, and in industrial and mobile applications across the globe. Generac offers single engine backup and prime power systems up to 2 MW and paralleled solutions up to 100 MW, and uses a variety of fuel sources to support power needs for our customers. Generac hosts Power Outage Central, the definitive source of U.S. power outage data, at Generac.com/poweroutagecentral. For more information about Generac and its products and services, visit Generac.com.
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SOURCE Generac Power Systems, Inc.