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to become less reliant on an outdated grid."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: akast@punch-pr.com | 608-633-2404
About Generac
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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/ringing-in-ten-years-of-growth-301001913.html
SOURCE Generac Power Systems, Inc.