11:35 AM EDT, 09/23/2024 (MT Newswires) -- Hammond Power Solutions (HPS-A) said on Monday it agreed to acquire the assets of Illinois-based Micron Industries, a provider of control transformers and other electrical products, for US$16 million.

Hammond said it plans to continue operating the assets and market the branded product offerings previously sold by Micron.

The deal is expected to close by mid-October.

Hammond's Class A shares were last seen down $5.21 to $138.19 on the Toronto Stock Exchange.

Price: 138.19, Change: -5.21, Percent Change: -3.63