Hammond Power Solutions Inc.

Hammond Power Solutions Inc.

March 21, 2011 17:57 ET

Hammond Power Solutions Inc. Completes Acquisition of Euroelettro s.p.a.

GUELPH, ONTARIO--(Marketwire - March 21, 2011) - Hammond Power Solutions Inc. ("HPS") (TSX:HPS.A) today announced that it has completed the acquisition of all of the shares of Euroelettro s.p.a. ("EE") in Italy.

The company will operate as Euroelettro s.p.a., a wholly-owned subsidiary of Hammond Power Solutions Inc.

The purchase of EE expands HPS' global presence, provides a platform for expansion into the European market and increases its product breadth offering with design and manufacturing capabilities in cast coil transformer technology. The addition of cast coil product with HPS' already broad dry transformer product offering will support HPS' growth in North America as well as in other global markets. HPS is one of North America's largest, most innovative and diversified dry type transformer manufacturers.

The acquisition of EE further strengthens HPS' transformer brands, supports North American and European market share expansion, provides increased manufacturing capacity and advances the Company's business hedging strategies.

William G. Hammond, Chairman and CEO stated, "This is an exciting time at HPS, by building on the strengths of both companies, we believe that this acquisition will enhance our market share strategies and financial performance going forward."

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 manufacturing plants in Canada, Mexico, United States and Italy.

This press release contains forward-looking statements. These statements are based on HPS management assumptions and beliefs in light of the information currently available to them. These forward-looking statements are subject to uncertainties and other factors that could cause actual results to differ materially from such statements. When relying on forward-looking statements to make decisions, HPS cautions readers not to place undue reliance on these statements, as a number of important factors could cause actual results to differ materially from any intentions expressed in such forward-looking statements. HPS does not undertake to update any forward looking statements that may be made from time to time by or on behalf of HPS.

If you would prefer to receive press releases via email contact Investor Relations at: (ir@hammondpowersolutions.com).

Contact Information

  • Hammond Power Solutions Inc.
    W.G. (Bill) Hammond
    Chairman & Chief Executive Officer
    (519) 822-2441
    Hammond Power Solutions Inc.
    Chris R. Huether
    Chief Financial Officer & Corporate Secretary
    (519) 822-2441