Hammond Power Solutions Inc. ("HPS") announced that it has signed a definitive agreement with Euroelettro spa, Italy to acquire its transformer business. Euroelettro is involved in the design and manufacture of standard and custom dry type distribution, cast coil and power transformers and has a reputation in the industry for product reliability and quality. Euroelettro has annual sales revenues of approximately Cdn $15,000,000.
Bill Hammond, Chief Executive Officer of Hammond Power Solutions Inc. stated, "After more than two years of looking for the right company in Europe, we are very pleased to acquire Eurolettro. This company will not only give HPS a platform for expansion into the European market, but will also give us design and manufacturing capabilities in cast coil technology and the addition of cast coil designs to our already broad dry transformer product offering will help HPS grow even more in North America as well as in other global markets. Euroelettro has an excellent reputation in the electrical industry for its engineered to order capabilities and quality."
