An electric motor has an armature and a stators. The armature has a lamination stack having slots therein. An internal shaft extends coaxially through the lamination stack. A plurality of magnet wires are wound in the slots of the lamination stack. A commutator is disposed on the armature shaft to which ends of the magnet wires are electrically coupled. The internal is shaft coupled to an external pinion and bearing journal by an insulated coupling. The magnet wires are at least partially encased in thermally conductive plastic. The magnet wires can have a layer of heat activated adhesive that is activated when the plastic is molded. Slots in the lamination stack can include slot liners formed of thermally conductive plastic. A fan can be formed when the thermally conductive plastic is molded to encapsulate the magnet wires. A power tool has the electric motor.