Magnet wire is an essential material that goes unnoticed in everyday life. It is a required component of every motor and transformer, and almost everything that is electrically run contains magnet wire. Rea Magnet Wire Co. Inc. is the largest magnet wire producer in North America and China, and it’s the second largest magnet production company in the world.
The Great Depression forced many companies out of business, but Victor Rea saw the potential of starting a successful business in 1933. Jay Boeshore and Edward Snyder merged with Mr. Rea on this effort, and they announced the opening of Rea Magnet Wire Co. Inc. The men were dedicated to their new business venture, and it took a lot of sacrifices to get Rea Magnet Wire Co. Inc. off of the ground. To start up the business, the founders had to borrow money against their life insurance policies, stocks & bonds and home mortgages. The company’s original building is located in Fort Wayne, Indiana, and the company’s headquarters are based out of the same facility today.
In 1954, Victor Rea suffered a heart attack and died, leaving his son Samuel Rea to take over Rea Magnet Wire Co. Inc. He focused on the areas of engineering, research and development. In 1957, the company was already gaining national attention, so they built a warehouse in New Jersey in order to deliver products to New England.
The company’s success and growth under Samuel Rea’s control led to the 1959 purchase of the company’s first manufacturing plant outside of Fort Wayne. It was a 100,000 square foot facility in Lafayette, Indiana that was worth $1.2 million. One year later, the company was bought out by the aluminum conglomerate Aluminum Company of America. The buyout eventually drove the Rea family away from the company in 1960, and made Rea Magnet Wire Co. Inc. one of Indiana’s public companies.
For 25 years, Rea Magnet Wire Co. Inc. was owned by the Aluminum Company of America. The business saw tremendous expansion and growth nationwide, opening plants in Connecticut and Tennessee. When the aluminum conglomerate decided to sell the company, members of upper management at Rea Magnet Wire Co. Inc. were able to purchase it, returning the company to private ownership. Today the company is one of the largest Indiana private businesses.
Under new management in the lat 1980s, Rea Magnet Wire Co. Inc. was broken down into three business units. Rea Magnet Wire, Rea Engineered Wire Products and Algonquin Industries are still make up the umbrella organization Rea Magnet Wire Co. Inc. Most recently, Rea Magnet Co. Inc. has been growing and developing more locations all over the United States. In 1998 a facility was builot in Las Cruces, New Mexico. Other plants and facilities are located in Virginia, Arkansas, Mexico and China. Altogether there are more than 1,200 Rea employees worldwide, with annual sales in excess of $1 billion.
Rea Magnet Wire Co. Inc. has four main distributors, EIS, Fay Electric Wire Corp., Andarr Industries Inc. and MWS Wire Industries. Several Indianapolis businesses and companies around the globe benefit from Rea Magnet Wire Co. Inc. products. Some of the major corporations that are Rea customers include major brands like General Electric, AOSmith and Siemens.
Rea Magnet Wire Co. Inc.
36oo E Pontiac St
Fort Wayne, IN 46803