Every investor in Pioneer Power Solutions, Inc. (NASDAQ:PPSI) should be aware of the most powerful shareholder groups...
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FORT LEE, N.J., Oct. 7, 2019 /PRNewswire/ -- Pioneer Power Solutions, Inc. (PPSI) ("Pioneer" or the "Company"), a company engaged in the manufacture, sale and service of electrical transmission, distribution and on-site power generation equipment, has received an order of the Superior Court of California related to the case titled Myers Power Products, Inc. v. Pioneer Power Solutions, Inc., Pioneer Custom Electrical Products, Corp., et al., enjoining distributions to shareholders, including the announced one-time special cash dividend of $1.37 per share planned and, at the time of the court's order, already in process to be paid on October 7, 2019. Pioneer intends to contest the matter vigorously.
FORT LEE, N.J., Aug. 22, 2019 /PRNewswire/ -- Pioneer Power Solutions, Inc. (PPSI) ("Pioneer" or the "Company"), a company engaged in the manufacture, sale and service of electrical transmission, distribution and on-site power generation equipment, today announced that it has completed the sale of its liquid filled and dry type transformer businesses to Mill Point Capital, a middle-market private equity firm, for a base purchase price of $68 million. Pursuant to the transaction, Pioneer sold all of Pioneer Transformers Ltd. and the companies comprising its Dry Type Transformer Group, which included Jefferson Electric, Inc., Bemag Transformer Inc. and Harmonics Limited LLC. Nathan Mazurek, Pioneer's Chairman and Chief Executive Officer, said, "Selling this portion of our business for approximately 1.5 times our current market capitalization is an important step in creating shareholder value.
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
FORT LEE, N.J., July 1, 2019 /PRNewswire/ -- Pioneer Power Solutions, Inc. (PPSI) ("Pioneer" or the "Company"), a company engaged in the manufacture, sale and service of electrical transmission, distribution and on-site power generation equipment, today announced that it has reached an agreement to sell its liquid filled and dry type transformer businesses to Mill Point Capital, a middle-market private equity firm, for $65.5 million in cash and notes. In consideration for all the assets of Pioneer Transformers Ltd. and Pioneer Dry Type Transformer Group, which includes Jefferson Electric, Inc., Bemag Transformer Inc. and Harmonics Limited LLC, Pioneer will receive $65.5 million, including $60.5 million in cash and $5 million in a seller's note.
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