HOUSTON, July 15, 2025 (GLOBE NEWSWIRE) -- Powell Industries, Inc. (NASDAQ: POWL) ("Powell" or the "Company"), a leading supplier of custom engineered solutions for the management, control and distribution of electrical energy, today announced that it has entered into a definitive agreement to acquire Remsdaq Ltd., a U.K.-based manufacturer of Remote Terminal Units (RTUs) for electrical substation control and automation in generation, transmission and distribution, for a total consideration of £12.2 million British Pounds Sterling, or approximately $16.3 million U.S. Dollars.
The acquisition advances Powell's key strategic initiative to expand its automation platform capabilities. The combination of Powell's hardware and detection sensors with Remsdaq's Supervisory Control and Data Acquisition (SCADA) RTUs creates a highly synergistic integration that positions the Company to effectively meet the growing demand for more sophisticated solutions that enhance utility operational efficiency, system reliability and security.
Brett A. Cope, Powell's Chairman and Chief Executive Officer, stated, "The addition of Remsdaq's people and technology are an important step towards our strategy to grow our Electrical Automation solutions. Remsdaq has proven hardware and software solutions that have a long-established presence in the regulated utility market. The combination of our respective capabilities will allow us to provide our customers with enhanced automation solutions and valuable predictive analytics that will help to preserve and extend the life of their capital equipment - a growing and underserved demand within the Electrical industry. We're very excited to welcome the Remsdaq team to Powell."
"We are excited to be joining a globally recognized leader in electrical distribution and control like Powell at such a pivotal time for the industry," added Ray Colston, Managing Director of Remsdaq. "Powell's customer-centric philosophy and culture not only complements their market leadership and scale within the Electric Utility space but also aligns closely with our own values and approach. This deep technological and cultural alignment creates an outstanding platform for our products and services. We are eager to see our combined resources address the growing demand for digital automation solutions."
Transaction Details
Total consideration for the transaction is based on an enterprise value of £12.2 million Pounds Sterling and will be funded with cash on hand. The consideration includes an upfront payment of £9.2 million Pounds Sterling with the remaining portion contingent upon Remsdaq meeting certain technical and financial milestones. Management expects the transaction to close during the fourth quarter of fiscal 2025, subject to customary closing conditions. Upon close, Remsdaq will become a wholly owned subsidiary of Powell (U.K.) Ltd.
About Powell
Powell Industries, Inc., headquartered in Houston, designs, manufactures and services custom-engineered equipment and systems for the distribution, control and monitoring of electrical energy. Powell markets include large industrial customers such as utilities, oil and gas producers, refineries, petrochemical plants, pulp and paper producers, mining operations and commuter railways. For more information, please visit powellind.com.
About Remsdaq
Remsdaq is a customer-focused organization specializing in the design and manufacture of advanced technology solutions. Remsdaq's principal business areas include: SCADA remote terminal units for the electricity industry, Integrated Security (access control systems and perimeter intrusion detection systems) and Mobilizing Command and Dispatch systems. Each division has its own route to market including turnkey projects, value added resellers, OEMs and business partners. Remsdaq is the preferred supplier for clients across industries such as utilities, military, industrial plants, financial institutions, and public sector buildings. For more information, please visit remsdaq.com.
Any forward-looking statements in the preceding paragraphs of this release, including those related to the completion of the Remsdaq acquisition, its timing and expected benefits, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. We are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials, the impact of tariffs and execution of business strategy and the satisfaction of conditions to completion of the acquisition. For further information, please refer to the Company's filings with the Securities and Exchange Commission, copies of which are available from the Company without charge.
Contact:
Michael Metcalf, CFO
Powell Industries, Inc.
713-947-4422
Robert Winters or Ryan Coleman
Alpha IR Group
POWL@alpha-ir.com
312-445-2870
