Generac Closes on the Acquisition of Ottomotores Businesses
WAUKESHA, Wis.--(BUSINESS WIRE)-- Generac Holdings Inc. (NYS: GNRC) , a leading designer and manufacturer of back-up power generation products, today announced the closing of the definitive share purchase agreement to acquire all of the shares of Ottomotores UK Limited and its affiliates, which includes the operations of Ottomotores Mexico and Ottomotores Brazil (collectively "Ottomotores"). As previously disclosed in a press release dated November 20, 2012, the total purchase price paid for the acquisition was $46.5 million in cash, and is subject to certain net asset adjustments based on the closing balance sheet. The closing of the transaction occurred on Saturday, December 8, 2012.
Since 1959, Generac has been a leading designer and manufacturer of a wide range of generators and other engine powered products. As a leader in power equipment serving residential, light commercial, industrial and construction markets, Generac's power products are available through a broad network of independent dealers, retailers, wholesalers and equipment rental companies. The Company markets and distributes its products primarily under its Generac, Magnum and Ottomotores brand names.
About Ottomotores UK Limited
Founded in 1950, Ottomotores is a leader in the manufacture of generating sets in Mexico and Latin America with exports to Middle East, Far East, and Africa. Manufacturing generator sets in the range of 15kW up to 2500kW for standby application as well as prime power or continuous running, Ottomotores has a broad product offering to meet any application or specification. For more information on Ottomotores, please visit http://www.ottomotores.com.mx
SOURCE: Generac Holdings Inc.
Generac Holdings Inc.
York A. Ragen
Chief Financial Officer
Michael W. Harris
Director - Finance and Investor Relations
(262) 544-4811 x2675
KEYWORDS: United States North America Wisconsin
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