HPS Announces Intention To Acquire Indian Transformer Company
Posted: Jan 26,2012
General News Investor Relations
Guelph, Ontario – Hammond Power Solutions Inc. (“HPS”) 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.