Acquisition of Powertech Transformers concluded

South Africa, Johannesburg: Allied Electronics Corporation Limited (Altron) has finalised the disposal of its 80% interest in Powertech Transformers to a consortium comprising of SGB-SMIT and local-owned Power Matla Group.

Mteto Nyati, Altron Group chief executive said: “We have ensured that the customers of Powertech Transformers, especially Eskom, continue to receive high quality and consistent, if not better, services. For them it will be business as usual,” reports BusinessTech.

“Through this acquisition SGB-SMIT injects foreign direct investment into our 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 said.

The effective date of the disposal is 31 July 2018.

Source: BusinessTech