(Dollar amounts are in thousands, in Canadian currency unless otherwise noted)
GUELPH, Ontario, Aug. 26, 2024 (GLOBE NEWSWIRE) — Hammond Power Solutions Inc. (“Hammond”) (TSX: HPS.A), a leading manufacturer of dry type transformers, cast resin transformers and related magnetic products, today announced its intention to increase its planned capital expenditure program by approximately $20 million over two years.
“Hammond continues to experience favorable industry tailwinds for certain products, driven by the electrification of our economy,” said Adrian Thomas, CEO of Hammond Power Solutions. “These investments will be made over the course of 2024 and 2025 to expand manufacturing in Monterrey and build custom power transformers that will eliminate current capacity constraints and significantly increase our revenue capacity.”
This new expansion will complement Hammond’s power transformer portfolio with large, high-power transformers that are widely used in numerous commercial and industrial markets. With this expansion, Hammond will reduce lead times and enhance our North American supply platform.
Since 2022, Hammond Power Solutions has invested approximately $80 million in capacity expansions across its product range, most recently in our new facility in Monterrey to manufacture small low voltage and power quality products, which opened in late Q2 2024.
Caution regarding forward-looking information
This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements relating to, among other things, Hammond Power Solutions Inc. (the “Company” or “HPS”) strategies, intentions, plans, beliefs, expectations and estimates relating to general economic and business developments, industry prospects and trends, anticipated demand for products and services, product development and the Company’s competitive position. Forward-looking statements can generally be identified by, but not exclusively, the use of words such as “may,” “will,” “could,” “should,” “would,” “likely,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “plan,” “target” and “continue” and words and expressions of similar meaning. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties and undue reliance should not be placed on them. Certain key factors or assumptions are applied in preparing forward-looking statements and actual results may differ materially from those expressed or implied by such statements. Important factors that could cause actual results to differ materially from expectations include, but are not limited to: general business and economic conditions (including risks related to currency fluctuations and changes in interest rates), risks related to the Company’s business environment (such as risks related to the financial condition of the oil and gas, mining and infrastructure projects businesses), geopolitical risks, climate-related risks, changes in laws and regulations, operational risks (such as risks related to existing and the development of new products and services, business relationships with partners and suppliers, product sales and performance, legal and regulatory proceedings, dependence on certain customers and suppliers, costs related to raw materials, products and services, human resources and the ability to implement strategic plans). The Company undertakes no obligation to publicly update or revise any forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, unless required by law.
This forward-looking information reflects our views as of the date of this press release and should not be relied upon as representing our views as of any date after the date of this press release. We have attempted to identify important factors that could cause actual results, performance or achievements to differ from current expectations or from estimates expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as anticipated or estimated and that may cause actual results, performance or achievements to differ materially from current expectations.
There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated or estimated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
ABOUT HAMMOND POWER SOLUTIONS INC.
Hammond Power Solutions Inc. (“HPS” or the “Company”) enables electrification through its broad offering of dry-type transformers, power quality products and related magnets. HPS’s standard and custom products are essential and ubiquitous in power distribution networks across a wide range of end-user applications. The Company has manufacturing facilities in Canada, the United States (US), Mexico and India and sells its products worldwide. HPS shares are listed on the Toronto Stock Exchange and trade under the symbol HPS.A.
Hammond Power Solutions – Energy for our world
For further information please contact:
David Feick
Investor information
519-822-2441 x453
[email protected]
