Global Power Announces Acquisition of Siemens' eHouse Manufacturing
IRVING, Texas, Feb. 17, 2015 (GLOBE NEWSWIRE) -- Global Power Equipment Group Inc. (NYSE:GLPW) ("Global Power" or "Company") announced today its plans to acquire substantially all of the assets of Siemens' eHouse manufacturing operations, a part of its Medium Voltage Business Unit, through its subsidiary Koontz-Wagner Custom Controls Holdings, LLC. The acquisition is subject to customary closing conditions and is expected to close by February 27, 2015.
Located in Houston, Siemens' eHouse operational plant manufactures and assembles power equipment centers (PECs) – or eHouses – for low- and medium-voltage switchgear, motor control center equipment, SCADA and other auxiliary equipment for a variety of industries. Siemens will continue to develop and provide products and services for this market by focusing on supplying the highly-technical electric distribution gear.
Luis Manuel Ramírez, President and CEO of Global Power, commented, ""We are very excited to expand our capabilities into the Houston area as this is one of our key initiatives in pursuing our strategy to further align our company with growth along the energy value chain. The acquisition of Siemens' eHouse business is an excellent strategic fit for Global Power, as it will serve as a platform to provide our customers with integrated solutions and expand our product and service portfolio. I am confident that the combined experience of our business teams will position our company with a strategic advantage, enabling us to leverage our capacity, expertise, and quality initiatives as we continue our expansion in the energy sector."
About Global Power
Texas-based Global Power Equipment Group Inc. is a design, engineering and manufacturing firm providing a broad array of equipment and services to the global power infrastructure, energy and process industries. It is comprised of three segments. Product Solutions includes two primary product categories: Auxiliary Products designs, engineers and manufactures a comprehensive portfolio of equipment for utility-scale natural gas turbines while Electrical Solutions provides custom configured electrical houses and generator enclosures for the midstream oil & gas industry, the power generation market to include distributed and backup power as well as other industrial and commercial operations. Energy Services provides lifecycle maintenance, repair, construction and fabrication services for the industrial, chemical/petrochemical process, oil and gas and power generation industries. Nuclear Services provides on-site specialty support, outage management and maintenance services to domestic utilities' nuclear power facilities. The Company routinely provides information at its website: www.globalpower.com.
CONTACT: Investor Relations Contact: Shawn Severson The Blueshirt Group (415) 489-2198 firstname.lastname@example.orgSource: Global Power Equipment Group Inc.
Released February 17, 2015