Wisconsin-based generator manufacturer Generac announced Monday that it had closed its purchase of all shares of Latin American generator equipment manufacturer Ottomotores on Saturday. Generac announced the $46.5 million cash deal last month, expanding the company's reach globally in the Latin American market.
Ottomotores recorded more than $80 million in revenue in 2011. Generac had been searching to expand its dealer network in the growing Latin American market as part of its global growth strategy.
Generac CEO and President Aaron Jagdfeld said in November, "This acquisition is directly in line with our Powering Ahead strategic plan and positions Generac to participate in the significant global market that exists for commercial and industrial backup power generation by offering products tailored to the needs of customers in individual international markets."
The article Generac Completes $46.5 Million Purchase of Ottomotores originally appeared on Fool.com.Dan Carroll has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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