Toshiba International renames acquisition Elettra Technology to Toshiba Industrial Products Canada

Toshiba International announced the completion of its acquisition of Elettra Technology Incorporated (ETI). The business will be named Toshiba Industrial Products Canada (TIPCA) and will operate as a wholly owned subsidiary of TIC. The acquisition of ETI is a strategic move for TIC to add to its strength in the electric motor marketplace and support the growth of TIC's industrial and infrastructure business. This represents Toshiba's first-ever motor acquisition in its 138 years of operations in the motors market. TIPCA is relocating ETI's operations to a recently renovated, state-of-the-art 58,000 sq. ft. manufacturing plant in the Hamilton area with an additional 5,000 sq. ft. of office space. The added space and crane capacity will provide TIPCA 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. By keeping TIPCA's operations in the Hamilton area, this allows TIC to continue to employ ETI's entire highly-skilled workforce and begin strategies to further grow its staff and operations. "Well beyond the immediate financial and synergistic contributions, this acquisition will promote significant strategic goals for TIC, which includes growing its core motor products, further globalizing TIC's operations, and expanding its revenue base," said Mike Ayers, Senior VP and GM of TIC's Industrial Division. "We are confident that TIPCA's product offerings will complement all of TIC's goals as well as bolster Toshiba Corporation's motor line-up." Toshiba International