Canadian Electrical Wholesaler

December 18, 2018

Hammond Power Solutions Inc. has announced its intention to discontinue and close its manufacturing operations at their Marnate, Italy facility.

The closure process will occur over the next several months.

William G. Hammond, Chairman and CEO, stated “the decision to close the Marnate facility was a very difficult one, but one made necessary due to mounting losses of the operation. The volatility and instability in the overall European economy, electrical market conditions, pricing pressure and lack of competitiveness were all contributing factors.”

By eliminating the losses of the operation HPS expects a positive contribution to adjusted EBITDA of approximately $3.5 to $4.0 million in 2019 and subsequent years. HPS remains focused on improving the overall fundamental performance and profitability of the company.

As a result of this plant closure, a charge of approximately $14 to $16 million will be recorded in the fourth quarter of 2018, primarily related to severance and closure costs. Approximately $5 million of this charge relates to cash items and the remainder to non-cash.

Mr. Hammond concluded, “HPS is committed to being a global company, to delivering solid financial performance, providing a sustainable return to our shareholders, maintaining the balance sheet strength of the company and delivering long-term value to all stakeholders. We believe these actions, as regrettable as they are, will better position HPS to deliver these goals in 2019 and beyond.”

Caution Regarding Forward-Looking Information

This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements that relate to among other things, strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by the use of words such as “may”, “will”, “could”, “should”, “would”, “likely”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, “objective” and “continue” and words and expressions of similar import. Although HPS 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 such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: costs associated with the closing of the plant and/or operations in Italy; general business and economic conditions; currency rates; changes in laws and regulations; legal and regulatory proceedings; and the ability to execute strategic plans. HPS does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.

Source

LFI Innovation AwardsThe celebrated LFI Innovation Awards marked the opening this week of the 2019 Lightfair International Trade Show and Conference with a dramatic showcasing of the industry’s most innovative products and designs introduced during the last 12 months.

The 2019 awards and trade show opening mark the 30th anniversary of the world’s largest annual lighting and technology event. The 2019 awards saw entries spanning 14 categories, with each submission judged by an independent panel of lighting professionals. Winning entries exemplified the best in innovative design and thinking. 

Read More

 

Automation LabourforceBy: Thomas Donato, Rockwell Automation

We all are consumers. We all have expectations of quality and service.

When I talk to our customers, I do so with that experience and mindset. If we don’t deliver – we lose. Maybe not immediately, but eventually. It’s as simple as that.

I just lived through a great example of this. Every morning I use our blender. One of the parts broke, and the manufacturer made it quite difficult and cumbersome to get a replacement.

Read More

Changing Scene

  • Prev
At Electro-Federation Canada’s recent Annual General Meeting in Quebec City, the Nominating ...
Pilz Canada officially opened their Canadian Facility surrounded by Industry Partners, colleagues ...
Dr. Jayson Meyers, CEO of NGen — Next Generation Manufacturing Canada — will present on the topic ...
Last week, over 540 industry members and guests gathered at the EFC Conference in Quebec City, ...
Cree, Inc. has completed the sale of its Lighting Products business unit, Cree Lighting, to Ideal ...
Kelly Hanson has joined Ryan and Chris Maguire as agency Principal. Kelly has an extensive sales ...
AD, the contractor and industrial products wholesale buying/marketing group, reported a 7% increase ...
Legrand has promoted Scott Bausch to Vice President/General Manager for the Wiremold product ...
  The OmniCable Toronto branch recently completed its first customer order after opening ...
The Hannover Messe Trade Fair in Germany, held this year at the beginning of April, is the world’s ...

 

OmnicableOmniCable was founded in 1977 by partners with deep experience in the US electrical marketplace. With their clear understanding of the industry, they were able to identify an opportunity for the founding of a unique company. At the time, there was a disconnect between electrical distributors and electrical wire and cable manufacturers due to a growing demand that needed to be fulfilled under strict timelines.

The nature of the industry required a wide range of product types and configurations on a “just-in-time” basis. As a result, distributors were unable to stock enough cable products to meet the demands of their customers. 

Read More

 

 

 

BritechBritech Corp, one of Canadas largest heating cable companies has signed a formal agreement with Heat Trace Limited, of Cheshire, England. Heat Trace, founded in England in 1974, Heat Trace is one of the world’s leading industrial heat trace cable manufacturers.

The company is known mainly for innovative solutions in self-regulating high temperature heat tracing cables up to 275°C, their exclusive high temperature, 425°C, cut to length, industrial, in the field replacement for mineral insulated cables, and their high temperature Long Line heating cables that can be installed on pipes in one length up to 10 kilometers long.

Read More

Kerrwil Publications

538 Elizabeth Street, Midland,Ontario, Canada L4R2A3 +1 705 527 7666
©2019 All rights reserved

Use of this Site constitutes acceptance of our Privacy Policy (effective 1.1.2016)
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Kerrwil