Fort Wayne, IN – June 30, 2008
Founded in 1933 by Victor Rea, the Rea Magnet Wire Company; a Fort Wayne- headquartered company with two local manufacturing plants, has grown into an international operation with thirteen manufacturing facilities in the United States, Mexico, and China.
“I think Victor would be pleased with how we have perpetuated his dream,” said James M. Vann, Chairman. “Victor established a unique family culture within the business focused on taking care of his customers and his employees. We believe this is at the core of our success, and we continue to work diligently to cultivate his vision.”
Rea Magnet Wire was purchased from the Rea family in 1960 by Alcoa. In 1986, James M. Vann, William T. Gorman, Ronald B. Foster and William J. Wyatt bought the company from Alcoa with the assistance of Richard Doermer, at the time President of Summit Bank of Fort Wayne.
Since 1986, Rea has grown to be the largest provider of magnet wire products in North America and China. “We have never aspired to be the biggest, but we certainly want to lead our industry in the quality of our products, the safety of our employees, and in service to our customers,” said Chuck Fisher, CEO. “As everyone knows, success still boils down to having the right people; and I am privileged to be working with such a dedicated group of folks that have such a passion for what they are doing.”
As a privately held company, Rea has annual sales in excess of $1 billion and employs more than 1,100 people worldwide.