Hammond Power Solutions Inc. (HPS) signed an agreement with Marnate Trasformatori in Italy to acquire a 100 percent equity ownership of its business.
Marnate is involved in the design and manufacture of cast resin transformers and had annual revenues in 2012 of about $8 million.
HPS expects the deal to close in mid-February, 2013.
HPS is a North American designer and manufacturer of dry-type custom electrical engineered magnetics, electrical dry-type and cast resin transformers. Leading edge engineering capabilities, high quality products, and responsive service to customers’ needs have all served to establish HPS as a technical and innovative leader in the electrical and electronic industries.
HPS has operations in Canada, United States, Mexico, India and Italy.