Schaffner Group Acquires American Transformer Manufacturer MTC Transformers
The Schaffner Group has signed an asset purchase agreement to acquire the dry-type transformers operations of American transformer manufacturer MTC Transformers, Inc. as of September 1, 2011. Under the transaction, Schaffner is acquiring MTC Transformer’s Wytheville, Virginia (USA) production site, and Roanoke, Virginia (USA) based sales office, as well as the well-established MTC Transfomers brand. The acquisition will strengthen the Schaffner Group’s market position in North America and add a production site in the USA to its international manufacturing organization, which already consists of production centers in China, Germany, Thailand and Hungary.
Founded in 1985 MTC Transformers, Inc. specializes in the development, manufacturing and maintenance of transformers and other power magnetics. Its Wytheville operations are focusing on dry-type transformers for medium-voltage applications in the rail technology, renewable energies and energy-efficient drive systems sectors. With around 70 employees the division estimates sales to be USD 16 million and an EBIT margin in the upper single digit range in 2011 fiscal year. The acquisition price is around USD 14 million.