Toshiba International Corp.(TIC)has completed its acquisition of Elettra Technology Incorporated(ETI).The new business will be named Toshiba Industrial Products Canada(TIPCA)and will operate as a wholly owned subsidiary of TIC.
"Well beyond the immediate financial and synergistic contributions,this acquisition will promote significant strategic goals for TIC,which includes growing its core motor products,further globalizing TIC's operations,and expanding its revenue base,"said Mike Ayers,Senior VP and GM of TIC's Industrial Division.
This acquisition is a strategic move,says the company,to add to its strength in the electric motor marketplace and support the growth of TIC's industrial and infrastructure business.TIC adds this represents Toshiba's first-ever motor acquisition in its 138 years of operations in the motors market.
TIPCA is relocating ETI's operations to a recently renovated 58,000-sf manufacturing plant in the Hamilton,Ont.,area with an additional 5000 sf of office space.The added space and crane capacity will provide TIPCA with the ability to manufacture larger motors,as well as motors that"fill complex and special application requirements".
TIC says that,by keeping TIPCA's operations in the Hamilton area,they can continue to employ ETI's entire workforce,and begin strategies to further grow its staff and operations.
