South Africa, Johannesburg: South African company Allied Electronics Corporation Limited (Altron) has reached an agreement to sell its 80% stake in Powertech Transformers to a consortium made up of the European transformer manufacturer SGB-SMIT and Power Matla Group.
“The disposal of Powertech Transformers is a step closer to the conclusion of the disposal process of assets that are no longer core to Altron’s business strategy,” said Altron CEO Mteto Nyati, reports Tech Central.
The decision on the buyer was driven by considerations of the commercial interests of Altron and those of South Africa, according to Nyati.
“We needed to ensure that customers of Powertech Transformers, especially Eskom, which is a key driver of our economy, experienced high-quality and consistent — if not better — services during this change. For them, it should be business as usual.”
Source: Tech Central