Hammond Power Solutions Inc. (HPS) (TSX:HPS.A) recently announced that it has signed a definitive agreement with Marnate Trasformatori s.r.l. (Marnate) in Italy to acquire a 100% equity ownership of its business.
Marnate is involved in the design and manufacture of cast resin transformers and has an excellent reputation in the industry for product quality and reliability.
Marnate's annual revenues in 2012 were approximately CDN $8,000,000.
HPS expects the deal to close in mid-February, 2013.
HPS designs and manufactures dry-type custom electrical engineered magnetics, electrical dry-type and cast resin transformers. The company has operations in Canada, United States, Mexico, India and Italy.
© 2014 The Electrical Distributor. All rights reserved.