Hammond Power Solutions Inc. Completes Acquisition of Pan-Electro Technic Enterprises Private Limited in India
24 February 2012 - 9:10AM
Marketwired
Hammond Power Solutions Inc. ("HPS") (TSX:HPS.A) today announced
that it has completed the acquisition of Pan-Electro Technic
Enterprises Private Limited ("PETE") in India, acquiring a 70%
equity ownership of its transformer business.
The company will operate as PETE - Hammond Power Solutions
Private Limited, a subsidiary of HPS.
The purchase of PETE expands HPS' global presence and provides a
platform for expansion into the Indian, Asian and African markets.
PETE also increases the breadth of HPS' product offering with its
design and manufacturing capabilities in cast coil, custom liquid
filled distribution, and power transformers. PETE has a reputation
in the transformer industry for its custom engineering
capabilities, product reliability and quality.
Bill Hammond, Chief Executive Officer of Hammond Power Solutions
Inc. stated "after more than two years of looking for the right
company in India, we are very pleased to acquire PETE. This
acquisition supports HPS' global growth strategies and product
offering in new global markets. PETE has an excellent reputation in
the electrical industry for its engineered-to-order capabilities
and quality. By building on the strengths of both companies we
believe that this acquisition will enhance our market share
strategies and performance going forward."
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 manufacturing
facilities in Canada, United States, Mexico and 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. Dawn Henderson Manager
Investor Relations (519) 822-2441 x 414
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