MAYFIELD VILLAGE, Ohio, March 11, 2019 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) announced today that it has acquired SubCon Electrical Fittings GmbH.
Founded in 2000, SubCon is a market leader in the design and manufacture of highly engineered substation connector systems and accessory hardware for high voltage AC and DC systems with voltage levels up to and exceeding 1000KV. SubCon is based out of Austria and has manufacturing operations in the Czech Republic. The acquisition of SubCon will strengthen Preformed's position in the global substation market and will expand its operational presence in Europe.
Preformed's Chief Executive Officer and President, Rob Ruhlman stated, "The acquisition of SubCon greatly enhances our technical expertise in the areas of high voltage AC and DC substation systems and brings with it a talented group of technical professionals with a keen understanding of substation products, technologies and customers. This combined with Preformed's significant global reach will enhance the full range of solutions we can provide to our global power utility customers."
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 two domestic manufacturing centers located in Rogers, Arkansas, and Albemarle, North Carolina. The Company serves its worldwide market through international operations in Argentina, Australia, Austria, Brazil, Canada, China, Colombia, Czech Republic, 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 and the mix of products sold, the relative degree of competitive and customer price pressure on the Company's products, the cost, availability and quality of raw materials required for the manufacture of products, the Company's ability to successfully integrate new acquisition operations and retain key employees, and the Company's ability to continue to develop and protect proprietary technology and maintain high quality products and customer service to meet or exceed new industry performance standards and individual customer expectations, and other factors described under the headings "Forward-Looking Statements" and "Risk Factors" in the Company's 2018 Annual Report on Form 10-K filed with the SEC on March 8, 2019 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