 "Crompton Greaves sells Canada transformer business for C$20 million")
Avantha Group company CG today said it has sold its Canadian Power Transformer (CPT) business to PTI Holdings Corporation for an enterprise value of Canadian dollar 20 million.
"CG has sold its CPT business to PTI Holdings Corporation for an enterprise value of Canadian dollar 20 million subject to post-closing adjustments," the company said in a statement.
The structure of the deal and its commercial terms remain subject to applicable regulatory approvals. The transfer of the business will be effective from today, it said.
"The divestiture is the second key step in CG's strategy to refocus its business activity," company's CEO and Managing Director Laurent Demortier said.
In 2005, CG attained CPT, manufacturer of medium and large power transformers for utilities across Canada, as part of the acquisition of the Pauwels Group.
PTI Holdings Corporation is a leader in the electrical industry, producing some of the most cost-effective and high quality solutions for transformers globally.
This company currently manufactures and services liquid filled distribution, small and medium size power transformers up to a base rating of 40MVA at 145kV.
"This is one step towards expanding our product and technology portfolio and will help extend PTI's leadership as innovators in Canadian-built transformers and transformer based sub-station solutions. It will also reinforce the offerings of PTI and our commitment to further develop the business," PTI Holdings Chief Executive George Partyka said.
