BETHPAGE, N.Y. — Peerless Electronics Inc. (“Peerless”) is pleased to announce that it became an Employee-Owned company as of May 30, 2012 when the Peerless Electronics Inc. Employees Stock Ownership Plan (“ESOP”) acquired 100% of the company from the Estate of the late owner, Mr. Alvin M. Shankman. Peerless has been privately owned since 1945.
The Estate of Mr. Shankman as well as the key management of Peerless (Mr. Robert Levine, Mr. William Gallucci and Mr. David Rome) agreed that selling the estate’s shares to the ESOP was the best way to ensure the continued success of Peerless for the benefit of its employees, customers, and suppliers. Mr. Robert Levine will continue to serve as President & CFO, Mr. William Gallucci as Chief Operating Officer and Mr. David Rome as Chief Marketing Officer.
Robert Levine commented:
- We are pleased to continue the legacy of this magnificent organization through employee ownership and their participation in the future growth. In today’s economic and business environment, it is especially important to note that we have secured the employees positions, maintained jobs on Long Island and will continue to be a strong business partner with our customers and suppliers.
Peerless is one of the leading distributors of electromechanical & interconnect components in North America. Peerless’ product lines include Sensata Technologies, Honeywell Sensing and Controls, TE Connectivity, Dialight, Eaton, Danfoss, OTTO Controls, Leach International (Esterline Power Systems), Grayhill, Switchcraft, E-T-A and Cooper Bussmann. In addition, Peerless is an authorized Value Added Assembly Center for many of the product lines it carries. Services include custom switch and circuit breaker panels, engraving and marking, customizing and testing cable assemblies, terminal block and indicator light assembly, and Military Spec packaging. Peerless’ headquarters are located in a 42,044 foot facility in Bethpage, New York and it has additional offices in Orlando and Coral Springs, Florida. Peerless is certified to quality standards AS 9100, FAA AC 0056 and ISO 9001. Their unique vertical market e commerce stores located at www.peerlesselectronics.com/store were launched this year.