Hammond Power Solutions Inc. Announces Intention to Acquire Italian Transformer Company
09 February 2013 - 7:14AM
Marketwired
Hammond Power Solutions Inc. ("HPS") (TSX:HPS.A) today announced
that it has signed a definitive agreement with Marnate
Trasformatori s.r.l. ("Marnate") in Italy to acquire a 100% equity
ownership of its business.
Marnate is involved in the design and manufacture of cast resin
transformers and has an excellent reputation in the industry for
product quality and reliability.
Marnate's annual revenues in 2012 were approximately CDN
$8,000,000.
HPS expects the deal to close in mid-February, 2013.
About Hammond Power Solutions Inc.
Hammond Power Solutions Inc. (TSX:HPS.A) is a North American
leader for the design and manufacture of dry-type custom electrical
engineered magnetics, electrical dry-type and cast resin
transformers. Leading edge engineering capabilities, high quality
products, and 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 operations in Canada, United States, Mexico, India and
Italy.
Caution Regarding Forward-Looking Information
This press release contains forward-looking statements that
involve a number of risks and uncertainties, including statements
that relate to among other things, HPS's strategies, intentions,
plans, beliefs, expectations and estimates, and can generally be
identified by the use of words such as "may", "will", "could",
"should", "would", "likely", "expect", "intend", "estimate",
"anticipate", "believe", "plan", "objective" and "continue" and
words and expressions of similar import. Although HPS believes that
the expectations reflected in such forward-looking statements are
reasonable, such statements involve risks and uncertainties, and
undue reliance should not be placed on such statements. Certain
material factors or assumptions are applied in making
forward-looking statements, and actual results may differ
materially from those expressed or implied in such statements.
Important factors that could cause actual results to differ
materially from expectations include but are not limited to: HPS's
ability to close the transaction with Marnate; general business and
economic conditions (including but not limited to currency rates);
changes in laws and regulations; legal and regulatory proceedings;
and the ability to execute strategic plans. HPS does not undertake
any obligation to update publicly or to revise any of the
forward-looking statements contained in this document, whether as a
result of new information, future events or otherwise, except as
required by law.
If you would like 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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