Transformer company sold to B-BBEE consortium

JSE-listed Allied Electronics Corporation (Altron) has finalised the disposal of its 80% interest in Powertech Transformers to a B-BBEE consortium comprising of Europe’s number one medium-sized manufacturer of transformers, SGB-SMIT, and local black-owned Power Matla Group. The company’s CEO,  Mteto Nyati, says that the company has ensured that the customers of Powertech Transformers, especially Eskom, will continue to receive high quality and consistent, if not better, services. For them it will be business as usual. Through this acquisition SGB-SMIT injects foreign direct investment into South Africa’s economy and brings international expertise, while Power Matla has a deep understanding of the South African energy market. Together these two companies bring a wealth of experience and knowhow that is sure to propel Powertech Transformers into its next growth phase, Nyati says.

Contact Chris Van Zyl, Altron, Tel 011 645 3681, cvanzyl@altron.com

 

The post Transformer company sold to B-BBEE consortium appeared first on EE Publishers.

Source: EE plublishers

More news