March 14, 2011

Hammond Power Solutions Inc. has signed a definitive agreement with Euroelettro spa (Italy) to acquire its transformer business.

“After more than two years of looking for the right company in Europe, we are very pleased to acquire Euroelettro,” said Bill Hammond, Hammond CEO. “This company will not only give HPS a platform for expansion into the European market, but will also give us design and manufacturing capabilities in cast coil technology and the addition of cast coil designs to our already broad dry transformer product offering will help HPS grow even more in North America as well as in other global markets.”

Euroelettro is involved in the design and manufacture of standard and custom dry-type distribution, cast coil and power transformers, and has a reputation in the industry, says Hammond, for product reliability and quality. Euroelettro has annual sales revenues of about $15,000,000.

The deal is expected to close imminently.

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