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.
Generac products are targeted for availability in the fourth quarter of this year through existing Allpower dealers. These channels will expand to include major retailers and electrical wholesalers throughout 2013.About Generac Since 1959, Generac has been a leading designer and manufacturer of a wide range of generators and engine powered products. As a leader in power equipment serving residential, light commercial, industrial and construction markets, Generac's power products are available through a broad network of independent dealers, retailers, wholesalers and equipment rental companies. The company markets and distributes its products primarily under its Generac and Magnum brand names. 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," "project," "plan," "intend," "believe," "confident," "may," "should," "can have," "likely," "future" 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, 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 cause outcomes to differ materially from those anticipated in any 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.