Hammond Power Solutions Inc. Completes Acquisition of Pan-Electro Technic Enterprises Private Limited in India
GUELPH, ONTARIO - 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."
(Marketwire - Feb. 23, 2012)