Hammond Power Solutions Expands Capital Program Significantly
Hammond Power Solutions Increases Its Planned Capital Program
(Dollar amounts are in thousands, in Canadian currency unless otherwise specified)
Hammond Power Solutions Inc. (TSX: HPS.A), a leading manufacturer of dry-type, cast resin transformers and related magnetics, has announced plans to expand its capital program by approximately $20 million over the next two years. This strategic enhancement comes as Hammond continues to respond to favorable industry trends influenced by the electrification of various sectors.
Investment Plans and Production Expansion
According to Adrian Thomas, the CEO of Hammond Power Solutions, this increase in investment aims to bolster production capabilities in Monterrey, where custom power transformers are manufactured. The intention behind this initiative is to eliminate existing capacity bottlenecks and ultimately enhance revenue capacity significantly.
Supporting the Power Transformer Portfolio
The expansion is expected to provide robust support to Hammond’s portfolio of large, high-power transformers, which are crucial in a wide array of commercial and industrial markets. By ramping up production, Hammond will not only shorten delivery times within North America but also improve the overall efficiency of its supply chain.
Previous Investments and Strategic Growth
Since 2022, Hammond Power Solutions has committed approximately $80 million towards increasing production capacity across its entire range of products. Notably, the company recently opened a new facility in Monterrey focused on developing small low voltage and power quality solutions, enhancing its product offerings following its inauguration at the close of the second quarter of 2024.
About Hammond Power Solutions Inc.
Hammond Power Solutions Inc. (HPS) plays a vital role in facilitating electrification with its comprehensive range of dry-type transformers, power quality products, and associated magnetics. The standardized and custom-designed products developed by HPS are integral to electrical distribution networks, serving an extensive range of applications across various industries.
Global Presence
With manufacturing plants located in Canada, the United States, Mexico, and India, Hammond Power Solutions markets its products globally, positioning itself as a critical player in the transformer and power distribution sectors. HPS shares are publicly traded on the Toronto Stock Exchange under the symbol HPS.A, reflecting its robust market presence.
Contact Information
For further inquiries or detailed information, interested parties can reach out to:
David Feick
Investor Relations
519-822-2441 x453
ir@hammondpowersolutions.com
Frequently Asked Questions
What is Hammond Power Solutions focusing on with the new investments?
Hammond Power Solutions is focusing on enhancing its production capacity and addressing current capacity bottlenecks in response to increasing demand for electrification products.
How much is the planned capital investment?
The planned capital investment amounts to approximately $20 million over the next two years to expand production capabilities.
What products are being prioritized in the expansion?
The expansion will prioritize Hammond's power transformer portfolio, particularly large, high-power transformers used in commercial and industrial sectors.
When did Hammond Power Solutions open its new facility in Monterrey?
The new facility in Monterrey was opened at the end of the second quarter of 2024, focusing on low voltage and power quality products.
Where can investors find more information about Hammond Power Solutions?
Investors can find additional information by contacting David Feick from Investor Relations or by visiting their corporate website.
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