Milan, Italy (September 1, 2020)
ORTEA SpA, a leading global supplier of power quality devices, announced today the signature of a definitive agreement for the acquisition of the Assets from POWERSINES Ltd, a leading company in the market of Voltage Optimization and Energy Saving.
The production of the product lines will be based in Ortea’s manufacturing plant in Italy. The deal is effective immediately and is expected to be completed by September 30th. Upon closing, Powersines will continue to provide a service support to Ortea.
“We are pleased to bring this acquisition to completion in such a positive manner. It has been quite a long road, but with hard work and efforts by many of POWERSINES Ltd. and ORTEA SpA employees we have been able to reach a positive conclusion. We believe that this combination of our technologies and products will position us to return exponential value to our shareholders over the coming fiscal years with a larger and synergic technology portfolio to cover a larger market segment along a better integrated value proposition for our customers” stated Massimiliano Scarpellini, the Company’s Chief Executive Officer. “Furthermore, this deal will improve our EBITDA and net financial position to benefit our additional investments” continued Mr. Scarpellini.