Shimmick Corporation launches Axia Electric LLC, focusing on high-performance electrical solutions for various infrastructure markets.
Quiver AI Summary
Shimmick Corporation has announced the launch of Axia Electric LLC, a new subsidiary focused on providing specialized electrical and power distribution solutions to meet increasing market demand. With over 20 years of experience in delivering complex electrical systems, Axia Electric will target low- and medium-voltage markets and offer commissioning and operations and maintenance services. CEO Ural Yal emphasized the subsidiary's aim to enhance service delivery in response to customer needs for specialized electrical expertise. Axia Electric will serve various infrastructure sectors, including water, transportation, and energy, and is set to operate with a self-perform model and a strong safety culture. Under the leadership of President Fernando DeLeon, the subsidiary has already secured $42 million in contract awards for significant projects in California and Nevada, and Shimmick currently has over $380 million in active electrical construction projects.
Potential Positives
- Shimmick Corporation launched Axia Electric LLC, a dedicated subsidiary that addresses the growing demand for specialized electrical and power distribution solutions.
- The new entity leverages over 20 years of Shimmick’s experience in delivering complex electrical systems, enhancing the company's market position.
- Axia Electric has secured $42 million in recent electrical contract awards, indicating strong market confidence and a solid pipeline of projects.
- The subsidiary is expected to enhance Shimmick's service offerings across multiple infrastructure markets, thereby increasing potential revenue streams.
Potential Negatives
- The announcement of Axia Electric LLC may indicate Shimmick Corporation's need to separate its electrical services to focus on a growing market, potentially reflecting previous limitations or challenges in its prior approach.
- The need to establish a standalone subsidiary could suggest that Shimmick may have been responding to competitive pressures in the electrical services industry.
- The press release does not provide specific financial projections or measures of success for Axia Electric, which could raise concerns about the subsidiary's future impact on Shimmick's overall performance.
FAQ
What is Axia Electric LLC?
Axia Electric LLC is a dedicated electrical subsidiary of Shimmick Corporation focused on high-performance electrical and power distribution solutions.
What markets does Axia Electric serve?
Axia Electric serves various infrastructure markets, including water, industrial, aviation, transportation, transit, and energy sectors.
How many employees does Axia Electric have?
Axia Electric has over 150 skilled employees dedicated to delivering electrical and power services.
What recent contracts has Axia Electric secured?
Axia Electric recently secured electrical contracts totaling $42 million with clients such as Orange County Sanitation District and the City of Santa Cruz.
What is Shimmick Corporation’s history in electrical systems?
Shimmick Corporation has over 20 years of experience delivering complex electrical systems for various public and private sector clients.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$SHIM Insider Trading Activity
$SHIM insiders have traded $SHIM stock on the open market 69 times in the past 6 months. Of those trades, 0 have been purchases and 69 have been sales.
Here’s a breakdown of recent trading of $SHIM stock by insiders over the last 6 months:
- MITCHELL B. GOLDSTEEN has made 0 purchases and 65 sales selling 168,836 shares for an estimated $278,575.
- CAROLYN TRABUCO has made 0 purchases and 4 sales selling 12,732 shares for an estimated $21,372.
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$SHIM Hedge Fund Activity
We have seen 8 institutional investors add shares of $SHIM stock to their portfolio, and 10 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- BNP PARIBAS ASSET MANAGEMENT HOLDING S.A. removed 134,780 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $349,080
- GILDER GAGNON HOWE & CO LLC removed 35,547 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $63,984
- SANDERS MORRIS HARRIS LLC added 30,276 shares (+4.2%) to their portfolio in Q1 2025, for an estimated $54,496
- CITADEL ADVISORS LLC removed 27,596 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $49,672
- PACIFIC RIDGE CAPITAL PARTNERS, LLC removed 17,446 shares (-3.6%) from their portfolio in Q1 2025, for an estimated $31,402
- LPL FINANCIAL LLC added 15,101 shares (+13.8%) to their portfolio in Q1 2025, for an estimated $27,181
- GOLDMAN SACHS GROUP INC removed 12,814 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $23,065
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
IRVINE, Calif., June 23, 2025 (GLOBE NEWSWIRE) -- Shimmick Corporation (“Shimmick” or the “Company”) (Nasdaq: SHIM), a national leader in complex infrastructure solutions, is proud to announce the launch of Axia Electric LLC (Axia Electric), a dedicated electrical subsidiary designed to meet growing market demand for specialized, high-performance electrical and power distribution solutions.
Axia Electric builds on more than 20 years of Shimmick’s proven success delivering complex electrical systems for clients across the public and private sectors—including municipalities, airports, ports, technology companies, developers, and industrial manufacturers. The new standalone entity will serve low- and medium-voltage markets, with an additional focus on commissioning and operations and maintenance (O&M) services.
“Our electrical team has a longstanding track record of delivering outstanding results on some of the nation’s most critical infrastructure,” said Ural Yal, CEO of Shimmick. “With Axia Electric, we’re sharpening that focus to better serve a growing market and increasing demands from our customers for our electrical and power services. Axia allows us to scale in this high-demand market and deliver greater value to our clients who are increasingly seeking specialized electrical expertise and complement our offering with Shimmick’s proven heavy civil capabilities.”
Axia Electric will serve a range of infrastructure markets, including water, industrial, mission-critical, aviation, transportation, transit, and energy. The subsidiary’s self-perform model, strong safety culture, and ability to deliver turnkey solutions offer our clients the best possible budget and schedule outcomes.
“With more than 150 skilled employees and an industry-leading track record in safety and quality, Axia Electric will be well-positioned to grow and lead,” said Fernando DeLeon, President of Axia Electric. “In this growing segment of the industry, our clients are demanding more from their contractor partners—and we’re ready to meet that demand with focus, expertise, and agility.”
Under the leadership of Mr. DeLeon, Shimmick is proud to announce recent electrical contract awards totaling $42 million. These include projects for the Orange County Sanitation District, the San Francisco Public Utilities Commission, and the City of Santa Cruz in California, as well as Redwood Materials in Nevada. Currently, Shimmick has over $380 million in active electrical construction projects under contract. The company is enthusiastic about the growth opportunities presented by Axia Electric LLC, which builds on Shimmick's extensive electrical expertise.
Media Contact:
Tonya Sandman, Director of Marketing & Communications
[email protected]
Investor Relations Contact:
1-949-704-2350
[email protected]
