Avantha Group Company CG has announced the sale of its Canadian Power Transformer (CPT) business to PTI Holdings Corporation for an enterprise value of C$20 million (around Rs.98.50 crore) subject to post-closing adjustments. The structure of the deal and its commercial terms remain subject to applicable regulatory approvals. The transfer of the business will be effective on October 27, 2015, CG said in a release.
PTI Holdings Corporation is an innovative leader in the electrical industry, producing some of the most groundbreaking, cost-effective and high quality solutions for transformers globally. The company currently manufactures and services liquid filled distribution, small and medium size power transformers up to a base rating of 40MVA at 145kV.
In 2005, CG attained CPT as part of the acquisition of the Pauwels group. CPT is based in Winnipeg, Manitoba, Canada. It manufactures medium and large power transformers for Utilities across Canada. CPT’s manufacturing capacity is 7,200 MVA per year and it employs around 200 people. This acquisition will further reinforce the offerings of PTI and their commitment to further develop the business, the release added.