HAMMOND POWER SOLUTIONS INC. has signed a definitive agreement to acquire the assets of Micron Industries Corporation, a U.S.-based manufacturer of control transformers and electrical products. The acquisition, valued at approximately $16 million USD, is structured as an asset purchase through Hammond's U.S. subsidiary and is expected to close by mid-October, pending standard closing conditions.

"We are excited to welcome Micron Industries into the HPS family. The combined expertise of our teams is a significant step forward in our growth strategy to offer an even broader array of innovative solutions to our customers and strengthen our reputation for high-quality products and services, especially within our OEM markets," said Adrian Thomas, CEO of HPS. "Industrial control transformers are essential for protecting sensitive equipment and align with our focus on power quality solutions. With rising demand for U.S.-made products in energy efficiency and automation projects, integrating Micron Industries into HPS is expected to enhance our ability to meet this growing market. Micron's U.S.-based manufacturing strengthens our service to customers across the U.S. and North America, supporting our domestic growth and industrialization efforts."

Norm Bates, CEO of Micron Industries, added, "We are thrilled to join forces with HPS. Our shared vision and commitment to excellence make this combination an ideal fit. Together, we will be able to deliver unparalleled value to our customers and drive future growth."

Micron Industries generated around $23 million USD in revenue in 2023 and operates from its headquarters and manufacturing facility in Sterling, Illinois. Following the acquisition, Hammond Power Solutions plans to continue operating Micron's assets and marketing its branded products.

This acquisition further strengthens Hammond's market presence in the transformer and power solutions sector. HPS manufactures dry-type transformers and power quality products, serving a broad range of end-user applications through facilities in Canada, the U.S., Mexico, and India.

Source: emea.hammondpowersolutions.com