May 3, 2010 ‐- Jefferson Electric, Inc. (Jefferson), a leading privately held manufacturer and supplier of dry-type transformers and lighting ballasts for commercial, industrial and OEM customers, today announced that it has merged with Pioneer Power Solutions, Inc. (Pioneer), effective April 30, 2010. Pioneer is a leading manufacturer of liquid‐filled electric transformers for utility, industrial and commercial applications and is publicly traded under the symbol PPSI.OB.
Thomas Klink, President of Jefferson, commented, the merger with Pioneer provides Jefferson with an expanded platform and the capital it needs to grow. In particular, the combination will provide strong support for Jefferson's ongoing expansion into the low voltage magnetics market. We anticipate that, together with Pioneer, we will form important structural and financial synergies, resulting in increased efficiencies and profitability for both companies going forward.
Jefferson will now operate as a wholly owned subsidiary of Pioneer with Thomas Klink remaining its President. He will also serve on the Board of Directors of Pioneer.
About Pioneer Power Solutions, Inc.
Through its subsidiaries, Pioneer has been engaged in the design, development and manufacturing of liquid-filled power, distribution and specialty electric transformers for over 50 years. Pioneer serves customers in a variety of industries with particular emphasis on the electric utility, industrial and commercial markets in Canada and the United States. To learn more about Pioneer, please visit our web site at www.pioneerpowersolutions.com.
About Jefferson Electric Inc.
Jefferson Electric has been an innovator of magnetic products since 1915, enjoying a rich tradition of supplying the automotive, lighting, elevator, communication, transportation, power quality, government and industrial markets. That tradition continues today with high‐quality dry‐type transformers and lighting ballasts for commercial, industrial and OEM customers. To find out more about Jefferson Electric, please visit www.jeffersonelectric.com.
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