Hindustan Platinum recently announced the asset purchase of ABB’s Humacao electrical contacts manufacturing plant in Puerto Rico, hence strengthening its international footprint. The deal is expected to close in August this year. The addition of the Humacao Plant is of critical strategic interest to the company’s electrical contacts division as it is going to be the second electrical contacts manufacturing facility (besides the one in Navi Mumbai, India) that will cater to the growing demand of the North American and Latin American markets.
Deciphering the expectations from the deal, Ashish S Choksi, Executive Vice President, Hindustan Platinum, cited, “This 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. Our greatest asset has always been our people who drive excellence through the organisation. 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 contacts business.”