Preformed Line Products Announces the Acquisition of Helix Uniformed
MAYFIELD VILLAGE, Ohio, March 18, 2014 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) announced today that it has acquired Helix Uniformed Limited based in Montreal, Quebec, Canada. The transaction closed on February 1st, 2014.
Founded in 1993 by Mr. Jean-Marc Payer, Helix designs, manufactures and markets transmission and distribution hardware and vibration control products for the electric utility industry. The acquisition further strengthens PLP's capabilities in the Canadian market and Helix's extensive research and engineering expertise along with manufacturing operations in Quebec will significantly enhance the service and support PLP can provide to its customers in this important region.
Preformed's Chief Executive Officer and President, Rob Ruhlman stated, "This is a very exciting opportunity for both companies due to the complementary strengths of both organizations. Since its founding, Helix has been one of the very few companies to share the same passion for research, engineering and design that we have. This, in addition to a cultural like-mindedness, makes the future possibilities of this union quite exciting. We enthusiastically welcome the Helix team to the family!"
Founded in 1947, Preformed Line Products is an international designer and manufacturer of products and systems employed in the construction and maintenance of overhead and underground networks for energy, communications and broadband network companies.
Preformed's world headquarters are in Cleveland, Ohio, and the Company operates three domestic manufacturing centers located in Rogers, Arkansas, Albuquerque, New Mexico, and Albemarle, North Carolina. The Company serves its worldwide market through international operations in Argentina, Australia, Brazil, Canada, China, England, France, Indonesia, Malaysia, Mexico, New Zealand, Poland, Russia, South Africa, Spain and Thailand.
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding the Company, including those statements regarding the Company's and management's beliefs and expectations concerning the Company's future performance or anticipated financial results, among others. Except for historical information, the matters discussed in this release are forward-looking statements that involve risks and uncertainties which may cause results to differ materially from those set forth in those statements. Among other things, factors that could cause actual results to differ materially from those expressed in such forward-looking statements include the strength of the economy and demand for the Company's products, the Company's ability to develop new products and improve productivity, increases in raw material prices, the Company's ability to identify, complete and integrate acquisitions for profitable growth, and other factors described under the headings "Forward-Looking Statements" and "Risk Factors" in the Company's 2013 Annual Report on Form 10-K filed with the SEC on March 14, 2014 and subsequent filings with the SEC. The Annual Report on Form 10-K and the Company's other filings with the SEC can be found on the SEC's website at http://www.sec.gov. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
SOURCE Preformed Line Products Company