Hindustan Platinum acquires ABB Humacao, Puerto Rico manufacturing PlantNavi Mumbai, India 16th, June 2019
Embarking the journey of a new era, Hindustan Platinum, a leading refiner and manufacturer of precious metal products and services announces the asset purchase of ABB’s Humacao electrical contacts manufacturing plant in Puerto Rico, hence strengthening its international footprint. The deal is expected to close in August 2019.
Over the last 58 years of progressive approach and innovative spirit, Hindustan Platinum has had rapid strides of growth, winning confidence of customers globally. The addition of the Humacao Plant is of critical strategic interest to Hindustan Platinum Electrical Contacts Division as it is going to be the second electrical contacts manufacturing facility (besides the one in Navi Mumbai, India) that will cater to the growing demand of the North American and Latin American markets.
On the occasion, Mr. Ashish S. Choksi, Executive Vice President, Hindustan Platinum said, “This ambitious strategic step forward by Hindustan Platinum to a higher scale is expected to have a great deal of synergy from the enhanced competitive positioning in terms of geographical footprint, customer base and range of solutions for electrical contact industry that will be available from both the facilities. Our greatest asset has always been our people who drive excellence through the organization. We believe the addition of the Humacao Plant will give us a great opportunity and ability to integrate and align people, best technology, skills and processes, which will get reflected in the success of reaching our stated goal in the contacts business.”
The company has built strong partnerships with leading international companies resulting in a consistent supply of technologically advanced products that meet global standards.
Hindustan Platinum is a leading refiner and manufacturer of precious metal products. Founded in 1961, the company has grown from a domestic company to a global enterprise with more than 800 dedicated multicultural workforce. Hindustan Platinum has to its credit a top-tier customers spread over 5 continents and 50 countries from USA to Japan. The company provides a full bouquet of precious metal management and recycling (secondary refining and conversion) services to its customers across a broad spectrum of industries. Hindustan Platinum is only among a handful of companies world-wide to be listed on the London Platinum and Palladium Market’s (LPPM) Good Delivery List for Platinum and Palladium and on the London Bullion Market Association’s (LBMA) Good Delivery List for Silver.