Hammond enters product joint venture for U.S. and Mexican markets
November 3, 2014 | By Anthony Capkun
November 3, 2014 – Guelph, Ont.-based Hammond Power Solutions Inc.—a manufacturer of dry-type and cast-resin transformers and related magnetics—has entered into a joint venture with National Material LP to manufacture transformer cores for the electrical transformer industry.
Pursuant to the venture, a new company will be created in which HPS will have a 55% ownership interest. Under the agreement, HPS and National will share financial and technological resources with the intent to construct and operate a “world-class core manufacturing facility”, which is expected to be fully operational in early Q4 2015.
The product line will carry a new brand name and will be sold in the United States and Mexico. “Through this partnership, HPS and NMLP will deliver quality core solutions which will also meet new U.S. energy efficiency regulations commencing in 2016,” said Bill Hammond, chair and CEO.
Hammond Power Solutions has operations in Canada, the United States, Mexico, India and Italy. National Material LP develops, manufactures, processes and supplies steel, aluminum and ferrous raw materials, and has locations in the United States, Canada, Mexico, China, South America, Europe, Russia and the Far East.
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