Hammond Power Solutions Inc.
TSX : HPS.A

Hammond Power Solutions Inc.

February 23, 2012 17:10 ET

Hammond Power Solutions Inc. Completes Acquisition of Pan-Electro Technic Enterprises Private Limited in India

GUELPH, ONTARIO--(Marketwire - Feb. 23, 2012) - Hammond Power Solutions Inc. ("HPS") (TSX:HPS.A) today announced that it has completed the acquisition of Pan-Electro Technic Enterprises Private Limited ("PETE") in India, acquiring a 70% equity ownership of its transformer business.

The company will operate as PETE - Hammond Power Solutions Private Limited, a subsidiary of HPS.

The purchase of PETE expands HPS' global presence and provides a platform for expansion into the Indian, Asian and African markets. PETE also increases the breadth of HPS' product offering with its design and manufacturing capabilities in cast coil, custom liquid filled distribution, and power transformers. PETE has a reputation in the transformer industry for its custom engineering capabilities, product reliability and quality.

Bill Hammond, Chief Executive Officer of Hammond Power Solutions Inc. stated "after more than two years of looking for the right company in India, we are very pleased to acquire PETE. This acquisition supports HPS' global growth strategies and product offering in new global markets. PETE has an excellent reputation in the electrical industry for its engineered-to-order capabilities and quality. By building on the strengths of both companies we believe that this acquisition will enhance our market share strategies and performance going forward."

About Hammond Power Solutions Inc.

Hammond Power Solutions Inc. (TSX:HPS.A) is a North American and European leader for the design and manufacture of dry-type custom electrical engineered magnetics, electrical dry-type and cast coil 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 facilities in Canada, United States, Mexico and Italy.

This press release contains forward-looking statements. These statements are based on HPS management's 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.
    Dawn Henderson
    Manager Investor Relations
    (519) 822-2441 x 414