Hammond Power Solutions Increases Planned Capital Program
December 21, 2022
Hammond Power Solutions Inc. has recently announced its intention to increase its planned capital program by approximately $40 million over two years.
“HPS continues to experience a very favourable environment where the electrification of our economy continues to drive strong demand in our industry”, said Bill Hammond, CEO of HPS. “These planned capital investments are expected to be made over the course of 2023 and 2024, and when complete, are expected to increase HPS’ overall sales capacity by approximately $180 million.”
These planned capital investments are focused on areas targeted to increase capacity and reduce lead times for low voltage, power quality and induction heating products. These investments are also expected to support HPS’ supply chain resilience initiatives. Hammond Power Solutions intends to focus the capital program primarily in Mexico and the United States. In Mexico, HPS is planning to set up an approximately 80,000 square foot small products facility, while also adding equipment to existing facilities there. HPS also expects to expand its manufacturing capacity at the Mesta location in Pennsylvania, USA, as well as its facility in Guelph, Ontario.
For more information, visit Hammond Power Solutions HERE.
