Generac Holdings Inc. (NYSE: GNRC) (“Generac” or the “Company”), a
leading global designer and manufacturer of energy technology
solutions and other power products, announced today the acquisition
of Deep Sea Electronics Limited, an advanced controls designer and
manufacturer.
As a leader in the industry, Deep Sea Electronics provides a
diverse suite of controller products that provide flexible
solutions for multiple applications including generators, automatic
transfer switches, battery charging, and off-highway vehicles.
Headquartered in Hunmanby, United Kingdom, Deep Sea Electronics has
a 40-year history of continuously advancing their products and
driving innovation in the controls market.
“The technical and engineering expertise of the team at Deep Sea
Electronics is second to none and will help us accelerate our
product roadmap for the future,” commented Aaron Jagdfeld,
President and Chief Executive Officer of Generac. “The high level
of talent and bandwidth they bring are critical for Generac as we
continue to participate in the ongoing evolution of the world’s
electrical grid.”
With the addition of Deep Sea Electronics, Generac has bolstered
its engineering and control capabilities which will advance and
support innovation of its products to meet the dynamic needs of the
evolving energy technology market and its customers. Deep Sea
Electronics’ expertise will enhance Generac’s focus on natural gas
power generation and is expected to help drive entry into microgrid
applications, a market the Company believes will serve as a key
component of the power grid of the future. Additionally, Generac is
excited to support Deep Sea Electronics as they continue to grow
their current customer business.
“The integration of Deep Sea Electronics will augment our
internal capacity in the field of Controls & Automation,
helping to drive innovation and speed-to-market across our product
development cycles,” added Patrick Forsythe, Chief Technical
Officer of Generac. “The team at Deep Sea Electronics will also
help facilitate our global product platforming and will accelerate
our growth into the distributed energy resource and microgrid
market.
“We are extremely excited for the opportunity to build upon our
history of excellence at Deep Sea Electronics and to continue to
innovate the Controls & Automation industry as part of the
Generac family,” said David Thomson, Chief Executive Officer of
Deep Sea Electronics. “The team is looking forward to executing our
strategic vision and driving growth through our relationships with
our valued customers while also helping Generac build a more
sustainable electrical grid for the future.”
The acquisition closed on June 1, 2021.
About Generac (NYSE: GNRC)Founded in 1959,
Generac is a leading global designer and manufacturer of a wide
range of energy technology solutions and other power products. As
an industry leader serving residential, light commercial, and
industrial markets, Generac's products and solutions are available
globally through a broad network of independent dealers,
distributors, retailers, e-commerce partners, wholesalers and
equipment rental companies, as well as sold direct to certain end
user customers. For more information about Generac and its products
and services, visit Generac.com.
About Deep Sea Electronics
Deep Sea Electronics is one of the world’s top manufacturers of
generator controllers, automatic transfer switch controllers,
battery chargers and vehicle & off-highway controllers. Deep
Sea Electronics employs over 160 people across four continents and
sells products to over 150 countries direct from their UK head
office through a comprehensive distributor network. For more
information about Deep Sea Electronics and its products, visit
www.deepseaelectronics.com.
Forward-looking Information
Certain statements contained in this news release, as well as
other information provided from time to time by Generac Holdings
Inc. or its employees, may contain forward looking statements that
involve risks and uncertainties that could cause actual results to
differ materially from those in the forward-looking statements.
Forward-looking statements give Generac's current expectations and
projections relating to the Company's financial condition, results
of operations, plans, objectives, future performance and business.
You can identify forward-looking statements by the fact that they
do not relate strictly to historical or current facts. These
statements may include words such as "anticipate," "estimate,"
"expect," "forecast," "project," "plan," "intend," "believe,"
"confident," "may," "should," "can have," "likely," "future,"
“optimistic” and other words and terms of similar meaning in
connection with any discussion of the timing or nature of future
operating or financial performance or other events.
Any such forward looking statements are not guarantees of
performance or results, and involve risks, uncertainties (some of
which are beyond the Company's control) and assumptions. Although
Generac believes any forward-looking statements are based on
reasonable assumptions, you should be aware that many factors could
affect Generac's actual financial results and cause them to differ
materially from those anticipated in any forward-looking
statements, including:
- frequency and duration of power
outages impacting demand for our products;
- availability, cost and quality of
raw materials and key components from our global supply chain and
labor needed in producing our products;
- the impact on our results of
possible fluctuations in interest rates, foreign currency exchange
rates, commodities, product mix and regulatory tariffs;
- the possibility that the expected
synergies, efficiencies and cost savings of our acquisitions will
not be realized, or will not be realized within the expected time
period;
- the risk that our acquisitions will
not be integrated successfully;
- the duration and scope of the
impacts of the COVID-19 pandemic are uncertain and may or will
continue to adversely affect our operations, supply chain, and
distribution for certain of our products and services;
- difficulties we may encounter as
our business expands globally or into new markets;
- our dependence on our distribution
network;
- our ability to invest in, develop
or adapt to changing technologies and manufacturing
techniques;
- loss of our key management and
employees;
- increase in product and other
liability claims or recalls;
- failures or security breaches of
our networks, information technology systems, or connected
products; and
- changes in environmental, health
and safety, or product compliance laws and regulations affecting
our products, operations, or customer demand.
Should one or more of these risks or uncertainties materialize,
Generac's actual results may vary in material respects from those
projected in any forward-looking statements. In the current
environment, some of the above factors have materialized and may or
will continue to be impacted by the COVID-19 pandemic, which may
cause actual results to vary from these forward-looking statements.
A detailed discussion of these and other factors that may affect
future results is contained in Generac's filings with the U.S.
Securities and Exchange Commission (“SEC”), particularly in the
Risk Factors section of the 2020 Annual Report on Form 10-K and in
its periodic reports on Form 10-Q. Stockholders, potential
investors and other readers should consider these factors carefully
in evaluating the forward-looking statements.
Any forward-looking statement made by Generac in this press
release speaks only as of the date on which it is made.
Generac undertakes no obligation to update any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by law.
SOURCE: Generac Holdings Inc.
CONTACT:
Mike HarrisVice President Corporate Development & Investor
Relations(262) 506-6064InvestorRelations@Generac.com
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