Hammond Power Solutions Inc. Announces Intention to Acquire Indian Transformer Company
HPS to acquire Pan-Electro Technic Enterprises Private Limited in India
(firmenpresse) - GUELPH, ONTARIO -- (Marketwire) -- 01/26/12 -- 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.
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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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Datum: 26.01.2012 - 16:05 Uhr
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News-ID 1077025
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