Canada-headquartered Hammond Power Solutions Inc. has completed the acquisition of 70 per cent equity stake in the transformer business of Hyderabad-based Pan-Electro Technic Enterprises Pvt Ltd for an undisclosed sum, the company has said in a statement.
Pan-Electro Technic designs and manufactures power and distribution transformers, as well as voltage regulators, and caters to several industries like metallurgical, chemical, power, engineering, cement, textile, pharmaceutical, healthcare and hospitality sectors. The company was founded by its current chairman K Linga Reddy, who runs the operations of the firm with his son K Ravi Krishna Reddy, the current MD.
“After looking for the right company in India for more than two years, we are very pleased to acquire Pan-Electro. This acquisition supports Hammond’s global growth strategies and product offering in new global markets. We believe that this acquisition will enhance our market share strategies and performance, going forward,” said Bill Hammond, CEO of Hammond Power Solutions.
Incorporated in 1917 and headquartered in Guelph, Canada, Hammond Power Solutions designs and manufactures custom electrical engineered magnetics and standard electrical dry-type transformers for the electrical and the electronics industries. The company serves original equipment manufacturers, capital projects, and maintenance, repair and overhaul market. It sells its products primarily in Canada, the USA and Mexico.
Mumbai based Singhi Advisors were advisors to Hammond Power Solutions for this strategic partnership. While Hyderabad based Akasam Consulting Private Limited was the sole advisor to PETE.