Photo by: Bloomberg
Local electronic equipment supplier Powertech has signed a R140-million deal to sell its Powertech Systems Integrators (PTSI) business to asset management firm Capitalworks.
This would include all PTSI's operating assets and liabilities, including all client and supplier contracts, as well as tangible and intangible assets, but excluded Powertech QuadPro SA and Technology Integrated Solutions.
A systems engineering business, PTSI mainly operated in the power and energy sectors with customers that included power utilities and large power users in South Africa and sub-Saharan Africa.
Its engineering solutions included secondary plant for substation automation, network planning and control software, mobile workforce and asset management systems, and systems for advanced and smart metering infrastructure.
PTSI also marketed a range of products, including earth fault and surge protection devices and related protection and metering equipment.
A strategic review by Powertech and parent company Altron had determined that PTSI was no longer a core asset for the Altron group.
PTSI generated revenue of R205-million, but a loss before interest, taxes, depreciation and amortisation of R7-million and a loss after tax of R13.6-million in the six months ended August 31.