Washington H. Soul Pattinson will go from majority to 100 per cent ownership of the nation’s largest privately-held electrical engineering firm, Ampcontrol.
WHSP has had a majority shareholding in Ampcontrol since 2005, and announced on Tuesday that it would acquire the remaining shares from investors including Ampcontrol Peter Cockbain, who co-founded the company in Newcastle in 1968.
According to a statement from Ampcontrol, the completed acquisition would have no impact “on current trading, branding, orders, workforce, or operations” across the group.
WHSP Managing Director Todd Barlow said, “Ampcontrol is uniquely positioned to capitalise on the decarbonisation thematic with its people, technology, and services. The founders of Ampcontrol, in particular Peter Cockbain, have created a great platform business and WHSP is excited to be investing further in its next stage of growth.”
“Ampcontrol was founded on the vision of turning revolutionary ideas into products and services that created employment, improved productivity, safety, and efficiency in regional, then national, and finally international markets,” added Cockbain.
“It was that vision that has benefited families, industry, commerce, and now the environment – and that will continue to be the focus.”
Managing Director and CEO Rod Henderson said the news represented the next chapter in its growth.
“Our commitment to R&D, and our talented workforce, will result in our customers benefiting from a rapidly expanding portfolio of products and service capabilities, cutting-edge digital technology, and accelerated innovation to help solve some of the greatest challenges facing our future such as decarbonisation and renewable energy solutions,” he said.
Ampcontrol employs over 850 employees across NSW, Queensland, Victoria, South Australia and Western Australia, and recently established a new site in Gladstone (pictured) – a region in the thick of Australia’s energy transition – as part of its expansion.
Among Ampcontrol’s renewable energy and electrification work is its Boundary Power joint venture with Horizon Energy, which makes standalone power systems, and mining vehicle projects with Tritium, PPK and others.
WHSP is Australia’s second-oldest ASX-listed company, which has grown beyond its pharmacy origins to hold a diversified portfolio taking in natural resources, building materials, retail, corporate advisory and more.
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