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Hammond Power Solutions and National Material LP Sign Joint Venture Agreement

Posted: Oct 24,2014

General News  

Hammond Power Solutions and National Material LP Sign Joint Venture Agreement

Guelph, Ontario, October 23, 2014 – Hammond Power Solutions Inc. (“HPS”) (TSX: HPS.A) a leading manufacturer of dry-type and cast resin transformers and related magnetics, today announced that it has entered into a joint venture with National Material LP (“NMLP”) to manufacture transformer cores for the electrical transformer industry. Pursuant to the joint venture, a new company will be created in which HPS will have a 55% ownership interest.

Under the joint venture agreement, HPS and NMLP will share financial and technological resources with the intent to construct and operate a world-class core manufacturing facility. This facility is expected to be fully operational in early Quarter 4, 2015.

Bill Hammond, Chairman & Chief Executive Officer of Hammond Power Solutions Inc. commented, “Through this partnership HPS and NMLP will deliver quality core solutions which will also meet new U.S. energy efficiency regulations commencing in 2016.

The product line will carry a new brand name and will be sold in the United States and Mexico.

Mr. Hammond further commented, “We are extremely pleased with today’s announcement; by building on the strengths of both companies, we are confident that this venture will enhance our performance going forward. Today is the culmination of long-term partners working together closely to bring value to our customers, communities and shareholders.”

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, electrical dry-type and cast resin transformers. Leading edge engineering capabilities, high quality products, and 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 operations in Canada, the United States, Mexico, India and Italy.

ABOUT NATIONAL MATERIAL LP

National Material L.P. develops manufactures, processes, and supplies steel, aluminum, and ferrous raw materials. It offers hot and cold rolled and electrical steel, as well as galvanized, aluminized, and other coated metals; engineered pre-painted products; and rolled carbon steel from domestic and foreign mills in the United States, as well as serves as an export agent for mills in the international markets. The company has locations in the United States, Canada, Mexico, China, South America, Europe, Russia, and the Far East.

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