Posted By northerntransformer
Northern Transformer Corporation (“NTC”) announced today that it has sold a minority stake in its company to Southern States Investment Holding (“SSIH”). Terms of the investment were not disclosed.
NTC plans to use SSIH’s investment as capital to expand the company’s manufacturing capabilities with vapour phase technology to extend its product range to 250 kV and expand its market reach beyond Canada. All proceeds from the transaction will be invested in the company’s infrastructure and operations. There will be no change in NTC’s strategy, management team or operations as a result of the investment.
Alexei Miecznikowski, CEO of NTC, said, “the SSIH investment gives us new resources to accelerate our expansion plans and serve our clients with the highest quality power transformers at even higher ratings. We are also looking forward to sharing their deep utility sector experience and broad access to the US and international markets.”
Giovanni Marcelli, Chairman of the Board of NTC, said, “We are delighted to find such a strong and compatible strategic investor in SSIH. We are convinced that this investment is in the best interest of our clients, our employees and our shareholders. We look forward to growing a long term, mutually beneficial relationship.”
Raj Anand, CEO of SSIH, added, “Northern Transformer is a world class transformer manufacturer poised for significant growth. We are very impressed with their management and technical team, their state of the art facilities and their quality reputation with their customers.”
About Northern Transformer Corporation
Northern Transformer Corporation is a North American manufacturer of liquid filled transformers of the highest quality and reliability serving the North American market since 1981. From custom specialty transformers to large utility substations, Northern Transformer designs, engineers and manufactures liquid filled transformers to fit all needs. Today the company operates out of a world class manufacturing facility outside Toronto, Canada. www.northerntransformer.com
About Southern States Investment Holding, LLC
SSIH is the parent company of Southern States, LLC, the 100 year old original operating company located in Hampton, Georgia. Expanding on the growth and success of Southern States, SSIH invests in complementary manufacturers of products for the global electric power transmission and distribution markets. SSIH’s other significant holding is Coelme Spa, a global outdoor switchgear manufacturer headquartered in Italy. www.southernstatesllc.com
Posted on March 28/2023 By Karl Vogelsberg