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Central Moloney, Inc. is a company with a rich heritage. Central Moloney began in Pine Bluff, Arkansas, in 1949, as Larkin Lectro Products Company, makers of welding equipment and electric transformers. In 1952, the name changed to Central Transformer Corporation as the company devoted itself solely to manufacturing distribution transformers. Central Transformer Corporation needed more manufacturing facilities due to the dramatic growth with major utility customers. In 1965, Moloney Electric of St. Louis was acquired, which resulted in another company name change to Central Moloney Transformer Corporation. The acquisition of Moloney Electric placed Central Moloney Transformer Corporation among the top five manufacturers of electric transformers. The company was not through growing. In 1968, Colt Industries acquired the Central Transformer Corporation to become a subsidiary of their widely diversified operation producing diesel engines, machine tools, aircraft components, pumps and other industrial products. Colt Industries later became known as Coltec Industries and Central Moloney Transformer Division was announced as the new company name. Central Moloney Transformer Division became a premier manufacturer of distribution transformers in the United States and we are continuing that legacy today. Central Moloney's tradition of innovation brought about the opportunity to expand into transformer components. When Central Moloney Components Operation was founded in 1970, it was the beginning of a whole new line of innovative polymer products. Manufacturing capabilities now include casting, transfer molding, pressure gelation and thermoplastic injection molding. Some of the products offered include primary and secondary bushings, primary load break switches, dual voltage switches, wildlife guards, tap changers, current limiting fuse holders and drip shields to name just a few. These two operations complement each other perfectly. When the agreement to purchase Central Moloney Transformer Division by senior management of the company from Coltec Industries was announced in January of 1994, the company had all the ingredients of continuing to be a strong leader in the industry. We believe the new "Central Moloney, Inc. has important strengths - financial strength, expertise in our field, the willingness to adapt, a strong presence in the marketplace and a long-standing tradition of services and value to our customers. At the end of 1998, Central Moloney, Inc. was poised to make history again by converting to a one-hundred percent Employee Stock Ownership Plan (ESOP) corporation. All of the company's stock is now held by the Central Moloney, Inc. Salaried Employee Stock Ownership Plan and Trust. With this action, all salaried employees have an ownership role in the business and proudly accept the responsibilities associated with it. For over a half century, Central Moloney, Inc. has been making history manufacturing quality distribution transformers and components. We are positioned to meet the challenges that the future will bring.