Preformed Line Products Forms PLP Solar with the Acquisition of the Direct Power and Water Corporation


CLEVELAND, April 12: Preformed Line Products (PLP) announced the formation of a new solar energy division with its acquisition of Direct Power and Water Corporation (DP&W), a leading designer, manufacturer and installer of solar power systems based in Albuquerque, New Mexico.

Established in 1993, DP&W employs approximately 55 people, and specializes in engineering, designing and installing turnkey photovoltaic systems for residential, commercial and industrial applications. DP&W will be the foundation of PLP's newly formed Solar Division, PLP Solar, which will spearhead the Company's wider initiatives in the renewable energy market.

"Solar power generation continues to gain economic acceptance due to improved technology, rising costs of traditional energy sources and growing demand for energy independence," commented Rob Ruhlman, PLP's Chairman and CEO. "We believe PLP can play a significant role in solar and other alternative energy markets as 'wireless' power continues to grow."

The acquisition of DP&W provides PLP with direct access to the fast growing renewable energy market and complements PLP's existing operational expertise and market leading position in the power utility industry. "As power utility companies look to offset growing peak energy demands with alternative energy sources, PLP Solar will be well positioned to assist these customers by providing turnkey solutions," said Dennis McKenna, Vice President of Marketing and Business Development for PLP. "In addition, the acquisition of DP&W expands PLP's core manufacturing capabilities in the area of metal fabrication, and its location enhances PLP's operational footprint in the US."

As a key component to the acquisition, DP&W founders Kevin Goodreau, President, and Jeffrey Randall, Vice President and Director of Engineering, will be remaining with DP&W to help lead the launch of PLP Solar.

"After 14 years of building DP&W from a two person business to a medium- sized company, it became apparent with the recent growth in the renewable energy industry that we needed to expand our reach into new markets, develop new products and refine our manufacturing capabilities," said Kevin Goodreau. "The management and staff fully support this undertaking. We look forward to growing the solar power business and leading PLP's expansion into the renewable energy market."

"After our initial discussions, we knew that PLP and DP&W were the right fit, and with the synergies between wired power and wireless power it became obvious to both parties that this was a great match," added Jeffrey Randall. "We wanted a company that was interested in our business, our employees, and had the ability to quickly expand our capabilities to become a world leader in the renewable energy industry."

Founded in 1947, Preformed Line Products (NASDAQ:PLPC) is an international designer and manufacturer of products and systems employed in the construction and maintenance of overhead and underground networks for energy, communications and broadband network companies. Headquartered in Cleveland, Ohio, the Company operates three domestic manufacturing centers, located in Rogers, Arkansas, Albemarle, North Carolina and Asheville, North Carolina. PLP serves worldwide markets through international operations in Australia, Brazil, Canada, China, England, Mexico, New Zealand, South Africa, Spain and Thailand.

Source: Preformed Line Products Company

CONTACT: Scott Wilburn, Marketing Communications Supervisor, Preformed Line Products +1-440-473-9223, Fax: +1-440-442-8816, swilburn@preformed.com
Web site: http://www.preformed.com/

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