Hammond Power Solutions expands global business with acquisition
Hammond Power Solutions Inc., Guelph, Ontario, has completed the acquisition of Pan-Electro Technic Enterprises Private Limited in India, acquiring a 70% equity ownership of its transformer business. The company will operate as PETE - Hammond Power Solutions Private Limited, a subsidiary of HPS.
The purchase of PETE expands HPS' global presence and provides a platform for expansion into the Indian, Asian and African markets. PETE also increases the breadth of HPS' product offering with its design and manufacturing capabilities in cast coil, custom liquid filled distribution, and power transformers. PETE has a reputation in the transformer industry for its custom engineering capabilities, product reliability and quality.
Bill Hammond, CEO of Hammond Power Solutions Inc. said in a press release announcing the purchase, “After more than two years of looking for the right company in India, we are very pleased to acquire PETE. This acquisition supports HPS' global growth strategies and product offering in new global markets. PETE has an excellent reputation in the electrical industry for its engineered-to-order capabilities and quality.”
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Jim Lucy has been wandering through the electrical market for more than 30 years, most of the time as an editor for Electrical Wholesaling, Electrical Marketing newsletter and CEE News. During that time he and the editorial team for the publications have won numerous national awards for their coverage of the electrical business. He showed an early interest in electricity, when as a youth he had an idea for a hot dog cooker. Unfortunately, the first crude prototype malfunctioned and the arc nearly blew him out of his parents' basement. Before becoming an editor for Electrical Wholesaling magazine and Electrical Marketing, he earned a BA degree in journalism and a MA in communications from Glassboro State College, Glassboro, NJ., which is formerly best known as the site of the 1967 summit meeting between President Lyndon Johnson and Russian Premier Aleksei Nikolayevich Kosygin, and now best known as the New Jersey state college that changed its name in 1992 to Rowan University because of a generous $100 million donation by N.J. zillionaire industrialist Henry Rowan. Jim is a Brooklyn-born Jersey Guy happily transplanted in the fertile plains of Kansas for the past 20 years.