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Matrix SME history
Matrix SME company history timeline
In business since 1919, Hake provided industrial contracting services for the power generation, petroleum, chemical, and manufacturing industries.
Founding the Company in 1984
Matrix was started in 1984 by former executives of Tank Service, Inc., a company involved in the repair and maintenance of tanks used in refineries and marketing pipeline terminals.
Over the years MMWL has achieved an exponential growth in revenues and profits. It was set up in the year 1985 with the intention to ride the wave of boom in the Indian entertainment sector.The company is continually developing their products & services to become leaders in the entertainment market place.
In 1988 the company formed a subsidiary, Petrotank Equipment Inc., and a year later Matrix Service Environmental Company was incorporated in Delaware as a holding company for the two units.
In December 1992 Matrix completed a pair of acquisitions, picking up Colt Construction Company and Duncan Electric Company.
Matrix looked north to Canada in 1993, acquiring Health Engineering.
For the fiscal year ending May 31, 1994, Matrix posted sales of $133.5 million and net income of $2.7 million.
The Saudi Arabia joint venture also succumbed to poor economic conditions in the Kingdom of Saudi Arabia, which led to Al Shafai-Midwest Constructors discontinuing operations in 1995.
Although sales receded slightly in 1997, to $183.1 million, the company increased net income to $3 million.
Despite these positive developments, Matrix was almost sold during 1998.
Because of some of the steps Matrix took in 1999, revenues slipped to $211 million and the company recorded a net loss of $12.6 million.
In October 2003 the company declared a one-for-one stock dividend on its common stock as demonstration of the board's confidence in the future of the company as well as to increase the number of Matrix shares in the marketplace and make it more attractive to investors.
2003: Hake Group is acquired.
At 1.79 million, demat accounts opened in June fewest since Feb 2021
Matrix has bagged the Time2Leap Awards for Research & Development for designing and manufacturing its Face Recognition device at the MSME Investor, Export & Innovation Summit, organized by Summentor Pro Sales & Marketing Consultants, held on 20th April 2022, New Delhi.
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