HPS Announces Intention To Acquire Indian Transformer Company

Posted: Jan 26,2012

General News  Investor Relations  

Guelph, Ontario – Hammond Power Solutions Inc. (“HPS”) today announced that it intends to sign a definitive agreement with Pan-Electro Technic Enterprises Private Limited (“PETE”), India to acquire a 70% equity ownership of its transformer business.

PETE is involved in the design and manufacture of cast coil, custom liquid filled distribution, and power transformers and has a reputation in the industry for product reliability and quality.

PETE’s annual revenues approximate CDN $16,000,000.

HPS expects the agreement to be signed and the deal closed in early February 2012.

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