GUELPH, ONTARIO--(Marketwire - Feb. 12, 2013) - Hammond Power Solutions Inc. ("HPS") (TSX:HPS.A) today announced that it has completed the acquisition of Marnate Trasformatori s.r.l. ("Marnate") in Italy, acquiring a 100% equity ownership of its business.
The company will operate as Marnate Trasformatori s.r.l., a subsidiary of HPS.
Bill Hammond, Chief Executive Officer of Hammond Power Solutions Inc. stated, "We are very pleased with the Marnate acquisition. This company will not only expand HPS' European presence, it also broadens our product offering and manufacturing capabilities in cast resin technology and supports HPS' growth strategies globally. Marnate has an excellent reputation in the electrical industry for its standard and engineered to order capabilities and quality."
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, electrical dry-type and cast resin transformers. Leading edge engineering capabilities, high quality products, and 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 operations in Canada, United States, Mexico, India and Italy.
Caution Regarding Forward-Looking Information
This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements that relate to among other things, HPS' strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective" and "continue" and words and expressions of similar import. Although HPS believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: general business and economic conditions (including but not limited to currency rates); changes in laws and regulations; legal and regulatory proceedings; and the ability to execute strategic plans. HPS does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.
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