Growth
In 1962, cancer claimed the life of Victor Edelbrock, Sr. at the age of 49. At the time, the company consisted of ten employees and annual sales were $450,000. Edelbrock was succeeded by his only son, 26-year-old Vic Edelbrock, Jr. Vic Jr., who had graduated in 1958 with a degree in business from USC, became President and Chief Executive Officer, a position he held until 2010.
The company joined SEMA (the Specialty Equipment Marketing Association) as a charter member in the 1960s, with Vic Edelbrock, Jr. serving as president from 1971 to 1974. Edelbrock had been elected in a crucial time in the history of SEMA; Congress enacted the Clean Air Act in 1971 and established the Environmental Protection Agency, which targeted the air pollution caused by internal combustion engines.
When gas prices soared in the 1970s, Edelbrock produced its Streetmaster line of intake manifolds that featured improved mileage, as well as performance.
In 1987, Edelbrock moved its facilities to its current location in Torrance, California, where it remains today. The five-building corporate facility occupies over 400,000 square feet (37,000 m2). In 1990, Edelbrock built a 73,000-square-foot (6,800 m2) sand-cast aluminum foundry in San Jacinto, which employed 75 to 100 workers, and gave the company the ability to increase production according to market demands.
In 1994, the Edelbrock corporation went public, selling shares of stock on the NASDAQ stock exchange. This initially raised $21 million, which was used mainly for construction of a new exhaust division in Torrance near its main facilities.
In 2000, Russell Performance Plumbing, a company that manufactures fittings and hoses, was acquired by Edelbrock. The company, which had been based in Florida, was relocated to Torrance by 2001.
As of June 30, 2004, the company employed 722 persons, and achieved revenues of $125.98 million USD. Since the company went private again in 2004, revenue findings have not been available to the general public.
On June 7, 2010, the Chicago-based private equity firm Industrial Opportunity Partners(IOP) announced their strategic investment in the Edelbrock corporation. With $185 million of committed capital, IOP focuses on acquiring and managing middle-market manufacturing and value-added distribution businesses. Edelbrock also became a limited liability corporation (LLC). At the same time, Edelbrock announced a new acting president. John Colaianne, a member of IOP's board of operating principles replaced Vic Edelbrock, who has served as president since 1962. Vic Edelbock remains chairman on the board of directors.
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Famous quotes containing the word growth:
“For the time of towns is tolled from the world by funereal chimes, but in nature the universal hours are counted by succeeding tribes of animals and plants, and by growth of joy on joy.”
—Ralph Waldo Emerson (1803–1882)
“The Past—the dark unfathom’d retrospect!
The teeming gulf—the sleepers and the shadows!
The past! the infinite greatness of the past!
For what is the present after all but a growth out of the past?”
—Walt Whitman (1819–1892)
“Corporate America will likely be motivated to support child care when it can be shown to have positive effects on that which management is concerned about—recruitment, retention and productivity. Indeed, employers relate to child care as a way to provide growth fostering environments for young managers.”
—Dana E. Friedman (20th century)