Hammond Power Solutions to Enhance Portfolio with Micron Assets
Hammond Power Solutions Expands Through Acquisition
Hammond Power Solutions Inc. (HPS), a prominent manufacturer specializing in dry-type transformers and power quality solutions, has announced a significant step forward in its growth strategy. The company is poised to acquire the assets of Micron Industries Corporation, a distinguished provider of control transformers. This acquisition aligns perfectly with HPS's mission to enhance their product offerings and expand their market presence.
Acquisition Details
The acquisition agreement positions HPS to acquire Micron Industries' operations through its U.S. subsidiary, which is a strategic move expected to bolster its capabilities in the electrical solutions sector. The deal, valued at around $16 million USD, is anticipated to be finalized by mid-October, pending customary conditions. HPS plans to integrate Micron's assets and continue promoting the products that have established Micron as a trusted name in the industry.
About HPS and Its Offerings
Hammond Power Solutions is dedicated to empowering electrification with its wide range of dry-type transformers and related products. Their standard and custom-designed solutions are vital in various electrical distribution networks, serving an extensive range of applications worldwide. HPS operates manufacturing facilities in key locations, including Canada, Mexico, and India, ensuring global distribution of their high-quality products. The company is listed on the Toronto Stock Exchange and trades under the symbol HPS.A.
Micron Industries: A Trusted Partner
Micron Industries has established itself as a reliable supplier of control transformers, catering to original equipment manufacturers (OEMs) and control system builders since 1971. With a commitment to quality and customer service, Micron also provides low voltage transformers and DC power supplies. Their advanced manufacturing facility allows for unmatched flexibility and quick turnaround on custom orders, ensuring that customer needs are met efficiently and effectively.
Strategic Growth Opportunities
The acquisition of Micron Industries presents a wealth of growth opportunities for HPS. By combining their innovative products with Micron's established market presence, HPS can strengthen its competitive edge and cater to a broader range of clients. The integration of Micron's offerings into HPS’s product lineup will not only enhance the company's portfolio but also solidify its position as a leader in providing essential electrical solutions.
Contact Information
For more insights into HPS and this acquisition, interested parties are encouraged to reach out to their Investor Relations representative, David Feick. He is readily available to provide additional details regarding this acquisition and any questions about the company's strategic vision.
Frequently Asked Questions
What is the significance of HPS acquiring Micron Industries?
The acquisition is a strategic move for HPS, allowing it to enhance its product offerings and expand its market reach in the electrical solutions sector.
When is the acquisition expected to close?
The acquisition is anticipated to be completed by mid-October, contingent upon customary closing conditions.
What does HPS offer customers?
HPS specializes in dry-type transformers, power quality products, and related magnetics, providing essential solutions for various electrical applications.
How long has Micron Industries been in the business?
Micron Industries has been serving the industry since 1971, gaining a reputation for quality and reliability in control transformers and electrical products.
Who can I contact for more information about HPS?
David Feick, Investor Relations at HPS, can be contacted via phone at 519-822-2441 x453 for more details.
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