Genera Holdings To Acquire Majority Stake Of PR Industrial To 'Dramatically Increase' Global Presence

Generac Holdings Inc. (NYSE: GNRC), a designer and manufacturer of power generation equipment and engine powered products, announced on Monday it will acquire a majority stake in PR Industrial S.r.l and its subsidiaries.

PR Industrial is a Europe-based producer and seller of power generation systems and is best known for its Pramac and Lifter brands. The company's sales span 150 countries and employs over 600 people across four manufacturing plants and 14 commercial branches across the world.

Aaron Jagdfeld, President and Chief Executive Officer of Generac noted in the company's press release that the acquisition is a "great strategic fit" as management looks to "dramatically increase" its global presence. The executive added that the transaction will also create "meaningful cost synergies" by leveraging the combined sourcing and manufacturing capabilities across the world.

Generac Holdings' stock showed no trades early Tuesday morning.