Hammond Power Solutions Signs Definitive Agreement to Acquire Assets of Micron Industries Corporation
Posted: Sep 23,2024
General News Investor Relations
GUELPH, Ontario, September 23, 2024 -- Hammond Power Solutions Inc. (“HPS”) (TSX: HPS.A), a leading manufacturer of dry-type transformers and power quality solutions, today announced that it has entered into a definitive agreement to acquire the assets relating to the operations of Micron Industries Corporation (“Micron Industries”), a company based in the United States. Micron Industries is a leading provider of control transformers and other electrical products and had approximately $23 million USD of revenue in 2023. Its manufacturing facility and head office are based in Sterling, Illinois.
The acquisition is structured as an asset purchase through HPS’ U.S. subsidiary and is expected to close by mid-October, subject to customary closing conditions. HPS intends to continue to operate the Micron Industries assets and to continue to market the branded product offerings previously sold by Micron Industries. The deal is valued at approximately $16 million USD.
ABOUT HAMMOND POWER SOLUTIONS INC.
Hammond Power Solutions Inc. (“HPS” or the “Company”) enables electrification through its broad range of dry-type transformers, power quality products and related magnetics. HPS’ standard and custom-designed products are essential and ubiquitous in electrical distribution networks through an extensive range of end-user applications. The Company has manufacturing plants in Canada, the United States (U.S.), Mexico and India and sells its products around the globe. HPS shares are listed on the Toronto Stock Exchange and trade under the symbol HPS.A.
ABOUT MICRON INDUSTRIES CORPORATION
Micron Industries is the leading supplier of control transformers, serving OEMs and control system builders since 1971. Micron Industries also offers low voltage transformers and DC power supplies. With a state-of-the-art manufacturing facility, Micron provides unmatched quality and flexibility for custom orders. Micron Industries is committed to understanding customer’s specific requirements, delivering defect-free products on time, and offering industry-leading support with the shortest lead times.