Powell Industries, a leading supplier of custom engineered solutions for the management, control and distribution of electrical energy, announced that it has entered into a definitive agreement to acquire Remsdaq Ltd., a U.K.-based manufacturer of Remote Terminal Units (RTUs) for electrical substation control and automation in generation, transmission and distribution, for a total consideration of £12.2 million British Pounds Sterling, or approximately $16.3 million U.S. Dollars.
The acquisition advances Powell’s key strategic initiative to expand its automation platform capabilities. The combination of Powell’s hardware and detection sensors with Remsdaq’s Supervisory Control and Data Acquisition (SCADA) RTUs creates a highly synergistic integration that positions the Company to effectively meet the growing demand for more sophisticated solutions that enhance utility operational efficiency, system reliability and security.
Brett A. Cope, Powell’s Chairman and Chief Executive Officer, stated, “The addition of Remsdaq’s people and technology are an important step towards our strategy to grow our Electrical Automation solutions. Remsdaq has proven hardware and software solutions that have a long-established presence in the regulated utility market. The combination of our respective capabilities will allow us to provide our customers with enhanced automation solutions and valuable predictive analytics that will help to preserve and extend the life of their capital equipment – a growing and underserved demand within the Electrical industry. We’re very excited to welcome the Remsdaq team to Powell.”
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“We are excited to be joining a globally recognized leader in electrical distribution and control like Powell at such a pivotal time for the industry,” added Ray Colston, Managing Director of Remsdaq. “Powell’s customer-centric philosophy and culture not only complements their market leadership and scale within the Electric Utility space but also aligns closely with our own values and approach. This deep technological and cultural alignment creates an outstanding platform for our products and services. We are eager to see our combined resources address the growing demand for digital automation solutions.”
SOURCE: GlobeNewswire