05:28 PM EDT, 10/07/2024 (MT Newswires) -- Hammond Power Solutions (HPS-A.TO) said after close Monday it has completed its US$16-million acquisition of the assets of U.S.-based Micron Industries.

The acquisition is structured as an asset purchase through Hammond's U.S. subsidiary, and the company will continue to operate the Micron Industries assets and continue to market the branded product offerings as previously sold by Micron Industries.

"The combined expertise of our teams is a significant step forward in our growth strategy to offer an even broader array of innovative solutions to our customers and strengthen our reputation for high quality products and services, especially within our OEM markets," said chief executive Adrian Thomas. "Industrial control transformers are essential for protecting sensitive equipment and align with our focus on power quality solutions. With rising demand for U.S.-made products in energy efficiency and automation projects, integrating Micron Industries into HPS is expected to enhance our ability to meet this growing market."