Altec Industries’ recent acquisition of a Pike Electric, LLC division in Surry County could mean more jobs for local residents, according to an economic-development official.
The transaction involved Altec — a mammoth corporation based in Birmingham, Alabama, which has a worldwide presence — buying Pike Electric’s fleet maintenance division. It is located behind the company headquarters at 100 Pike Way, Mount Airy.
Pike has used that facility to maintain its trucks, but recently sold it to Altec. Records at the Surry County Register of Deeds office indicate that the purchase price was $4.3 million and involved nearly 93 acres of property.
The move is said to be resulting in the Pike corporation, one of the nation’s largest specialty construction and engineering firms serving the electric power industry, leasing its service vehicles rather than owning them.
In the past, Pike reportedly had bought trucks from Altec Industries, an 85-year-old company that supplies products and services to the electric utility, telecommunications, tree care, lights and signs and contractor markets. This includes large vehicles and equipment such as crane trucks and aerial devices.
The recent acquisition is being hailed as a positive development for the local business landscape.
“I don’t think it’s bad news,” said Todd Tucker, president of the Surry County Economic Development Partnership, who added that it has the potential for positive developments instead.
Not only is the move expected to bring no layoffs of personnel who manned the local maintenance division under the Pike ownership or other noticeable changes in that regard, Tucker said there are indications Altec wants to hire more people.
“So it may be a gain for us, is what we’re hoping,” the economic-development official said.
Another positive development from the transaction is that Surry County now has another major company in its midst with the introduction of Altec Industries.
“They’re all over the place,” Tucker said of that company’s reach.
Altec has other service centers in North Carolina, but has not operated in Surry County “until now,” he said.
“Having another good corporation, that’s a benefit to us,” Tucker said.
He mentioned that based on his knowledge of Altec Industries Inc., “they’re community-minded.”
The Surry Economic Development Partnership president hopes to meet soon with Altec officials to gain a better understanding of their employment and other plans in Surry County.
Officials with both Altec and Pike were not available for comment.
Tom Joyce may be reached at 336-415-4693 or on Twitter @Me_Reporter.