Hammond Power Solutions Inc. Announces Acquisition of Italian Transformer Company
HPS to acquire Euroelettro spa
Guelph, Ontario, March 14, 2011 - Hammond Power Solutions Inc. ("HPS") today
announced that it has signed a definitive agreement with Euroelettro spa, Italy to acquire
its transformer business.
Euroelettro is involved in the design and manufacture of standard and custom dry type
distribution, cast coil and power transformers and has a reputation in the industry for
product reliability and quality. Euroelettro has annual sales revenues of approximately
Cdn $15,000,000.
Bill Hammond, Chief Executive Officer of Hammond Power Solutions Inc. stated, "After
more than two years of looking for the right company in Europe, we are very pleased to
acquire Eurolettro. This company will not only give HPS a platform for expansion into
the European market, but will also give us design and manufacturing capabilities in cast
coil technology and the addition of cast coil designs to our already broad dry transformer
product offering will help HPS grow even more in North America as well as in other
global markets. Euroelettro has an excellent reputation in the electrical industry for its
engineered to order capabilities and quality."
The deal is expected to close in mid March, 2011.
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 and is also a leading
manufacturer of standard electrical dry-type 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 and two in Mexico.
For Further Information, Please Contact:
W.G. (Bill) Hammond, Chairman & CEO (519) 822 - 2441
Chris R. Huether, CFO & Secretary (519) 822-2441
