Generac Holdings Inc. ("Generac") (NYSE: GNRC), a leading designer and manufacturer of generators and other engine powered products, announced that it has signed an exclusive contract with Allpower Industries of Victoria, Australia ( http://allpower.com.au) to sell and service Generac automatic home backup power systems and other products throughout Australia and New Zealand.
“Expanding into new geographies is a key part of our Powering Ahead strategy,” said Aaron Jagdfeld, CEO of Generac. “Power outages occur in Australia for many of the same reasons they occur in the U.S.—extreme weather, equipment failures, and construction accidents. It’s not a matter of if a power outage will occur, it’s when it will occur. Generac leads the market for home backup power in the U.S., and we’re excited to partner with such a well known and reputable company as Allpower and bring our expertise in emergency power generation to homeowners throughout Australia and New Zealand.”
Currently, the penetration of home standby generators in Australia and New Zealand is minimal, with no manufacturer having any meaningful level of market penetration. Total single-family households are estimated to be 9.5 million by 2017.
“This partnership is an excellent way to provide additional value to consumers throughout Australia and New Zealand,” said John Sinclair, CEO of Allpower. “Allpower prides itself on offering premium power equipment brands to our customers. Generac’s reputation in the U.S. is second to none, and we’re excited to help them expand their presence here.”Allpower will also sell Generac portable generators, which can be used for emergency power as well as DIY projects, and Generac power washers for homeowners who want to clean everything from outdoor furniture to brick and stone. Started in 1977 in a small warehouse in Burwood, Victoria with two equipment suppliers and only five product lines, Allpower Industries has grown to offer six premium brands of outdoor power equipment with industry leading warranties and service support. Allpower products are available to consumers and contractors through more than 400 dealers Australia-wide and a 150-strong dealer network across New Zealand, as well as online.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV