Voith Acquires Vortex Hydro
HEIDENHEIM, Germany and BROSSARD, Quebec, Feb. 15, 2013 /PRNewswire/ -- The Voith Group of Companies has acquired Granby, Quebec-based Vortex Hydrosystemes Inc. Founded in 2001, Vortex Hydro offers auxiliary mechanical systems, specialized hydropower products, and expert consulting services. Vortex Hydro will retain its name and continue as an operating unit within Voith Hydro. It will remain at its current location in Granby.
"We are very excited about the addition of Vortex Hydro into the larger Voith family," said Voith Hydro Inc. ( Canada) President and CEO Denys Turcotte. "Vortex Hydro will bring its exemplary auxiliary mechanical systems, specialized hydropower products, and expert consulting services to the product lines and services that Voith already offers in Canada and the U.S. Vortex Hydro will complement our existing After Market Business in Canada and the U.S., and expand Voith's products to new and future customers."
Vortex Hydro will add to Voith's growing presence in the After Market Business sector in Canada and the U.S. Vortex Hydro offers balance-of-plant solutions for hydropower applications, which are now utilized by an increasing number of users and manufacturers of gas and steam turbines, as well as for several industrial process applications. In addition to engineering consulting services, Vortex Hydro offers specialized products in the Actuator valve series AC signal, Converter module model CS-1, and Tangential overspeed detector."I am pleased to announce Vortex Hydro's new status as an operating unit within Voith," said Vortex Hydro founder and President Richard Evoy, who will retain his position. "We will continue to offer reliable and competitive products coupled with unmatched service, but our network and reach will be much larger. By fully integrating Vortex Hydro into Voith, we will benefit from Voith's global reach and 140 years of experience in the hydropower sector. The future for our company is indeed bright." About Voith Voith Hydro is a Group Division of Voith and - with a workforce of over 5,000 employees and a sales volume of more than 1.3 billion euro in the business year 2011/2012 – belongs to the worldwide leading companies for hydro power equipment. In Canada, Voith Hydro employs over 300 people. In the U.S., Voith Hydro employs over 500 people. Voith sets standards in the markets energy, oil & gas, paper, raw materials and transportation & automotive. Founded in 1867, Voith employs almost 42,000 people, generates 5.7 billion euro in sales, operates in about 50 countries around the world and is today one of the biggest family-owned companies in Europe. The Importance of Hydropower Hydropower is the largest, oldest and most reliable form of renewable energy generation. Worldwide, it makes an indispensable contribution to stable power supplies and hence to economic and social development - both in industrial countries and in emerging markets. Hydropower also makes a significant contribution to climate-protecting energy production. Voith has been a leading supplier of this technology from the early beginning and continuously develops it further.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts