GUELPH, Ontario, July 23, 2021 (GLOBE NEWSWIRE) – Hammond Power Solutions Inc. (“HPS”) today acquired 100% of the capital stock of Mesta Electronics Inc. (“Mesta”), a United States company. Mesta is involved in the design and manufacture of standard and custom active filters and induction heating products.
Mesta will operate as Mesta Electronics Inc., a subsidiary of Hammond Power Solutions, Inc. Mesta’s annual revenues are expected to be approximately CDN $ 5,000,000.
Bill Hammond, CEO of HPS stated: “We are very pleased with the acquisition of Mesta. This company expands our product offering and our manufacturing capabilities into power quality solutions. Mesta has an excellent reputation in the electrical industry for its standard and designed to order capabilities and quality. “
About Hammond Power Solutions Inc.
HPS (TSX: HPS.A) is a North American leader in the design and manufacture of custom dry-type, dry-type, and cast resin electrical magnetic transformers. State-of-the-art engineering capabilities, high-quality products, and responsive service to customer needs have served to establish HPS as a technical and innovative leader in the electrical and electronics industries.
HPS has operations in Canada, the United States, Mexico and India.
Caution Regarding Forward-Looking Information
This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements that relate, among other things, to HPS’s strategies, expectations, and estimates, and can generally be identified by using words such as “expected.” , “Will”, “probable”, “intention” and words and expressions of similar importance. Although HPS believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and no undue reliance should be placed on such statements. Certain material factors or assumptions apply when making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include, but are not limited to: HPS’s ability to integrate Mesta’s business, general economic conditions (including, but not limited to, foreign exchange rates and the impact of COVID-19 pandemic); changes in laws and regulations; legal and regulatory procedures; and the ability to execute the strategic plans of HPS and Mesta. HPS does not undertake any obligation to publicly update or revise any of the forward-looking statements contained in this document, whether as a result of new information, future events, or otherwise, except as required by law.
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