Hammond Power Solutions Announces Plant Closure of Its Italian Operation
Posted: Dec 18,2018
General News Investor Relations
Guelph, Ontario, December 18, 2018 – Hammond Power Solutions Inc. (“HPS”) (TSX: HPS.A) today announced its intention to discontinue and close its manufacturing operations in their Marnate, Italy facility.
The closure process will occur over the next several months.
William G. Hammond, Chairman and CEO, stated “the decision to close the Marnate facility was a very difficult one, but one made necessary due to mounting losses of the operation. The volatility and instability in the overall European economy, electrical market conditions, pricing pressure and lack of competitiveness were all contributing factors.”