Mumbai (Maharashtra) [India], July 11 (ANI): Hindustan Platinum, a leading refiner and manufacturer of precious metal products and services, on Thursday announced it has entered into an asset purchase agreement to acquire ABB's Humacao electrical contacts manufacturing plant in Puerto Rico to strengthen its international footprint.
The deal is expected close by August-end. The Humacao plant will be Hindustan Platinum's second electrical contacts manufacturing facility (besides the one in Navi Mumbai) catering to the North American and Latin American markets.
"This ambitious strategic step forward by Hindustan Platinum to a higher scale is expected to have a great deal of synergy from the enhanced competitive positioning in terms of geographical footprint, customer base and range of solutions for electrical contact industry that will be available from both the facilities," said Executive Vice President Ashish Choksi.
"We believe the addition of the Humacao Plant will give us a great opportunity and ability to integrate and align people, best technology, skills and processes which will get reflected in the success of reaching our stated goal in the contact's business," he said in a statement.
The company has built strong partnerships with leading international companies resulting in a consistent supply of technologically advanced products that meet global standards.
Founded in 1961, Hindustan Platinum has grown from a domestic company to a global enterprise with more than 800 dedicated multicultural workforce. The company has top-tier customers spread over five continents and 50 countries from the United States to Japan. (ANI)