WEG contract for purchase of CG Power USES for $ $37 mi

Sao Paulo-the brazilian multinational WEG signed on Wednesday an agreement with CG Power Systems Belgium for the acquisition of CG Power USES in the United States, for $ $37,000,000, said the company based in Jaraguá do Sul, which is one of the largest manufacturers of electrical equipment and industrial coatings in the world.
The operation is expected to be completed definitively before July 31, since there''s still be fulfilled certain conditions, according to a statement of the WEG referred to the São Paulo Stock Exchange.
"WEG announces that the completion of the transaction will only become effective after the fulfillment of certain conditions usual in such operations," the company added in the note.
The CG Power USES, established in the State of Missouri, in the Midwest of the United States, is a subsidiary controlled by CG Power Systems Group, which is among the ten largest transformer manufacturers in the world.
The American company will be acquired by brazilian multinational company is specialized in manufacturing, Assembly, supervision and implementation of distribution transformers and power up to 60 MVA (megavoltamperes) – 161 kV (kilovolts).
In addition, the CG Power USES has three units, occupying a built area of 26,300 square meters, and a total of 452 employees, according to the note sent to the stock exchange.
In fiscal year 2016/2017, the company''s net revenue was $ $128,000,000.