Wisconsin-based generator manufacturer Generac (GNRC 0.80%) announced Monday that it had closed its purchase of all shares of Latin American generator equipment manufacturer Ottomotores on Saturday. Generac announced the $46.5 million cash deal last month, expanding the company's reach globally in the Latin American market.
Ottomotores recorded more than $80 million in revenue in 2011. Generac had been searching to expand its dealer network in the growing Latin American market as part of its global growth strategy.
Generac CEO and President Aaron Jagdfeld said in November, "This acquisition is directly in line with our Powering Ahead strategic plan and positions Generac to participate in the significant global market that exists for commercial and industrial backup power generation by offering products tailored to the needs of customers in individual international markets."
