Washington H Soul (ASX:SOL) completes Ampcontrol acquisition, shares gain - Kalkine Media

June 01, 2022 01:02 PM AEST | By Bhawna Gupta
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Highlights

  • WHSP has completed the acquisition of Ampcontrol by acquiring the remaining stake.
  • The shares of WHSP were trading in green today.
  • WHSP had acquired a significant stake in Ampcontrol in 2005.

Washington H. Soul Pattinson and Company Limited (ASX:SOL) has shared today (1 June 2022) that it has completed the acquisition of Ampcontrol, Australia’s largest privately-owned electrical engineering company.

WHSP shares were trading 0.35% higher at AU$25.79 each on ASX today 11.41 AM AEST. This is in line with ASX 200 Index which was 0.22% up at 7,226.90 points at 11.42 AM AEST.

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Data Source- Company announcement dated 01 June 2022

More about the deal

WHSP held a significant stake in Ampcontrol in 2005 and it has now purchased the remaining shares.

The acquisition comes as Ampcontrol accelerates its strategy to be at the forefront of developing and supplying advanced technology, and innovative products and services that enable a competitive advantage in a zero-carbon environment.

Ampcontrol and its technology partner Tritium were recently named winners in the Global "Charge on Innovation Challenge" launched by BHP, Rio Tinto, and Vale to accelerate the commercialisation of effective solutions for charging large electric haul trucks.

What does Ampcontrol do?

Ampcontrol was founded in Newcastle (NSW) in 1968 and has since expanded to over 850 employees, six member companies, and 30 operations worldwide. The company designs and develops integrated electrical solutions and technology that improve people's lives and communities worldwide.

Ampcontrol collaborates with its customers to provide complex electrical infrastructure solutions that prioritise efficiency, performance, and reliability.

Source: © Lovelyday12 | Megapixl.com

About WHSP

WHSP, an Australian investment firm, has a diverse investment portfolio that includes exposure to industries such as pharma, resources, telecommunications, and agriculture.

WHSP has consistently paid dividends to its stockholders for the past 40 years.

In its 1H FY21 results for the six months ended 31 January 2021, WHSP reported a profit after tax attributable to shareholders of $90.2 million compared to $124.7 million for the previous corresponding period.

Also Read: How did Washington H Soul Pattinson (ASX:SOL) perform in 1H FY21?


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