Toshiba Acquires Elettra
Strategic move to support growth in Canadian and global marketplace
Toshiba International Corp. (TIC) has announced that a binding agreement is in place to acquire all assets and intellectual property from Elettra Technology Inc. (ETI), a manufacturer of custom electrical industrial motors based in Hamilton, Ontario, Canada.
TIC said that the acquisition – with assets including those from former Westinghouse Motor Company Canada Ltd. – is a strategic move to strengthen its position in the electric motor marketplace and support the growth of TIC’s industrial and infrastructure business.
Pending approval, the new company will be named Toshiba Industrial Products Canada (TIPCA) and will continue to operate with the same employees that are currently staffed by ETI. TIPCA will relocate manufacturing to a recently renovated facility in Hamilton with added space, crane capacity and the ability to further grow the business in the Hamilton area.
TIPCA’s assets will provide TIC with the ability to manufacture larger motors and motors that fill complex and special application requirements, which will further enhance TIC’s business portfolio of large electric motors in the Canadian and global marketplace, the company said.
The integration of the two companies will take place over the next few months.