WEG S.A. (B3: WEGE3 / OTC: WEGZY) announces to its shareholders and the general market that it has signed an agreement for the acquisition of the entire capital stock of Balteau Produtos Elétricos Ltda., a manufacturer of instrument transformers and measuring sets located in Itajubá, Minas Gerais State, Brazil.
Traditional company in its segment, with long history operating in Brazil, Balteau has a manufacturing site of 11,800 m² with state-of-the-art equipment and facilities. With a workforce of 350 employees, the company specializes in the design, manufacturing, electrical testing, and technical services of current transformers and capacitive voltage transformers up to 550 kV, inductive voltage transformers up to 145kV, and measurement sets up to 36kV, products currently not part of WEG portfolio. Net revenue in 2020 was R$ 121.7 million.
"With this acquisition, WEG will complement its position as a solution provider for energy transmission and distribution infrastructure projects and improve its scope of products and solutions related to the energy generation, transmission, and distribution (GTD) segment", explains Carlos Diether Prinz, WEG Transmission & Distribution Managing Director.
The transaction is subject to certain conditions and approval from the local competition authorities (CADE - Administrative Council for Economic Defense).