Pramac Industries, Inc., announced the acquisition of most of the assets of the Powermate and Powerstation branded portable recreation, home and commercial generators on May 7.
“With this acquisition, Pramac will have the worldwide capacity to manufacture over 600,000 portable and home stand-by generators a year and sees growth potential in the future,” said Ricardo Navarro, president of Pramac Industries, Inc. “Pramac’s strength in the professional markets, combined with Powermate’s position in the consumer generator segments, will allow us to better penetrate domestic and international markets.”
Navarro added, “Powermate had established very successful relationships with some of the largest retailers in the country, and Pramac has immediate plans to rebuild and develop these relationships even further in the future.”
Pramac expects this acquisition to play a key role in its growth in the United States, and believes it is now strategically better positioned to achieve that goal. With the new domestic manufacturing capability, the company is fulfilling its commitment to the U.S. market that was identified in its five-year strategic plan.
To properly develop this new opportunity, Pramac has entered into a joint venture with Midwest Air Technologies Holdings, Inc. (MAT), a U.S. corporation that engineers and markets air compressors and pneumatic tools among other products. MAT has an extensive distribution and service capacity throughout the United States, and sells its products through retail home centers, hardware cooperatives and warehouse clubs.
“With this strategic alliance, we will have new opportunities to improve their global market position,” Navarro said. “This is a significant step for both companies.”
Pramac Industries has been in the North American markets for 11 years and is a subsidiary of Pramac SpA (PRA.MI at MILAN, Italy Stock Exchange). The parent company is one of the largest generator manufacturers in the world, with 20 international branches and five manufacturing plants.
“Globally, we hope to increase demand for generators built in the U.S. through Pramac Group’s leadership position in international markets,” Navarro said. “In time, our worldwide distribution system will bring more stability in demand and employment to the U.S. production facility.”
After finalizing the acquisition, Pramac Group CEO Paolo Campinoti declared, “We are particularly pleased with this agreement as it represents a key step in our plans to solidify our core business and become the leading manufacturer and distributor of generators in the world. Moreover, the new alliance with MAT, which is a major player in both U.S. and international markets, will allow Pramac Group to immediately gain new market opportunities in the U.S. and emerge as the industry leader.”