POWELL INDUSTRIES, INC. ACQUIRES PMC TECHNOLOGIES, INC.
HOUSTON, June 15 /PRNewswire/ -- Powell Industries, Inc. (NASDAQ: POWL) has completed the acquisition of PMC Technologies, Inc., Powell CEO and Chairman, Thos. W. Powell announced today. PMC Technologies is a California-based firm that designs and manufactures medium-voltage power circuit breakers. PMC Technologies is now a subsidiary of Powell Electrical Manufacturing Company and has been renamed Powell-Innovative Breaker Technologies, Inc. ("IBT"). "IBT brings additional depth and technology to our research and development efforts," Powell said. "Increasing global competitiveness demands speed in developing and introducing new cost competitive products for niche markets. As we identify market needs, IBT will increase our ability to respond to these opportunities through the development and introduction of new products for the electrical power distribution market." IBT had been working with Powell through a joint development contract since late 1992 to develop a compact medium-voltage circuit breaker, the Powl-Vac 38kV. The agreement included an option to purchase the company, which Powell exercised. The company will initially market the 38kV breaker for mass transit, utility and industrial applications. "The breaker has successfully completed a series of rigorous tests, and we are very pleased with the results," Powell said. "We will complete testing soon and begin shipping the new breakers during our first fiscal quarter of 1994." With the acquisition, Powell also acquired the rights to a line of products that is complementary to the company's existing products. "Industry is rapidly replacing old electro-mechanical breakers with breakers that use the latest vacuum technology," Powell said. "IBT's products will improve our competitive position as we participate in this retrofit market." Powell Industries, Inc. designs, manufactures and packages electrical generation, distribution and control equipment. -0- 6/15/93 /CONTACT: J.F. Ahart of Powell Industries, Inc., 713-947-4422/ (POWL)
CO: Powell Industries, Inc.; PMC Technologies, Inc. ST: Texas, California IN: SU: TNM
WB -- NY093 -- 2292 06/15/93 16:12 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Jun 15, 1993|
|Previous Article:||LATSHAW ENTERPRISES REPORTS RESULTS|
|Next Article:||THE COOPER COMPANIES REPORTS SECOND QUARTER RESULTS, PLANS EXCHANGE OFFER FOR DEBENTURES AND ANNOUNCES PREFERRED STOCK TRANSACTIONS|