Acquisition of Marnate Trasformatori in Italy
Posted: Feb 12,2013
General News Investor Relations Europe
HPS EXPANDS PENETRATION OF EUROPEAN MARKET WITH ACQUISITION.
Guelph, Ontario, Hammond Power Solutions (“HPS”) today announced that it has completed the acquisition of Marnate Trasformatori (“Marnate”) in Italy, acquiring a 100% equity ownership of its business. The company will operate as Marnate Trasformatori, a subsidiary of HPS.
Bill Hammond, Chief Executive Officer of Hammond Power Solutions 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.”