By Anthony Capkun
February 8, 2013 – Hammond Power Solutions Inc. (HPS) has signed a definitive agreement with Marnate Trasformatori s.r.l. (Marnate) in Italy to acquire a 100% equity ownership of its business.
Marnate is involved in the design and manufacture of cast resin transformers and, says HPS, has an “excellent reputation in the industry for product quality and reliability”. Marnate’s annual revenues in 2012 were about $8 million. The deal is expected to close mid-February 2013.
HPS is a North American player in the design and manufacture of dry-type custom electrical engineered magnetics, electrical dry-type and cast resin transformers. It has operations in Canada, United States, Mexico, India and Italy.
PHOTO: Hammond Power Solutions chair and CEO, Bill Hammond. Photo A. Capkun