Avantha Group Company CG announced the sale of its Canadian Power Transformer (CPT) business to PTI Holdings Corporation for an enterprise value of Canadian $20 million 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 27th.
Commenting on the significant development Mr. George Partyka, PTI’s CEO said, “The acquisition of CPT in Winnipeg is one step towards expanding PTI’s product and technology portfolio and will help to extend PTI’s leadership as innovators in Canadian built transformers and transformer based substation solutions. We are very pleased to welcome all the new employees into our family and look forward to creating more value for our customers”.
Commenting on the divestiture, Avantha Group Company CG’s CEO & Managing Director, Mr. Laurent Demortier said, “I am very pleased with PTI acquiring this business, a renowned manufacturer in Canada. PTI will leverage this asset and will ensure its sustained growth. We thank all the employees and customers who supported the development of CPT in the last 10 years. The divestiture is the second key step in CG’s strategy to refocus its business activity”.