Hammond Power Solutions Inc. Announces Intention to Acquire Indian Transformer Company
27 January 2012 - 9:05AM
Marketwired
Hammond Power Solutions Inc. ("HPS") (TSX:HPS.A) today announced
that it intends to sign a definitive agreement with Pan-Electro
Technic Enterprises Private Limited ("PETE"), India to acquire a
70% equity ownership of its transformer business.
PETE is involved in the design and manufacture of cast coil,
custom liquid filled distribution, and power transformers and has a
reputation in the industry for product reliability and quality.
PETE's annual revenues approximate CDN $16,000,000.
HPS expects the agreement to be signed and the deal closed in
early February 2012.
About Hammond Power Solutions Inc.
Hammond Power Solutions Inc. (TSX:HPS.A) is a North American and
European leader for the design and manufacture of dry-type custom
electrical engineered magnetics, electrical dry-type and cast coil
transformers. Leading edge engineering capabilities, high quality
products, and fast, responsive service to customers' needs have all
served to establish HPS as a technical and innovative leader in the
electrical and electronic industries. HPS has two manufacturing
plants in Canada, one in the United States, two in Mexico and one
in Italy.
This press release contains forward-looking statements. These
statements are based on HPS management's assumptions and beliefs in
light of the information currently available to them. These
forward-looking statements are subject to uncertainties and other
factors that could cause actual results to differ materially from
such statements. When relying on forward-looking statements to make
decisions, HPS cautions readers not to place undue reliance on
these statements, as a number of important factors could cause
actual results to differ materially from any intentions expressed
in such forward-looking statements. HPS does not undertake to
update any forward looking statements that may be made from time to
time by or on behalf of HPS.
If you would prefer to receive press releases via email contact
Investor Relations at: (ir@hammondpowersolutions.com)
Contacts: Hammond Power Solutions Inc. W.G. (Bill) Hammond
Chairman & CEO (519) 822 - 2441 Hammond Power Solutions Inc.
Chris R. Huether CFO & Secretary (519) 822 - 2441
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