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
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV