Toshiba Acquires Assets of Elettra Technology Inc.

Toshiba International Corporation, May 22, 2013—Toshiba International Corporation (TIC) has announced that a binding agreement is in place to acquire all assets and intellectual property from Elettra Technology Inc. (ETI), a manufacturer of custom electrical industrial motors based in Hamilton, Ontario, Canada. With assets including those from former Westinghouse Motor Company Canada Ltd., the acquisition is a strategic move for TIC to add its strength in the electric motor marketplace and support the growth of TIC’s industrial and infrastructure business.

The new company will be named Toshiba Industrial Products Canada (TIPCA), pending approval, and will continue to operate with the same employees that are currently staffed by ETI. TIPCA will relocate manufacturing to a recently renovated facility in Hamilton with added space and crane capacity, and with the ability to further grow the business in the Hamilton area. TIPCA’s assets will provide TIC with the ability to manufacture larger motors and motors that fill complex and special application requirements, which will further enhance TIC’s business portfolio of large electric motors in the Canadian and global marketplace. The integration of the two companies will take place over the next few months.

“We at Toshiba International look forward to the addition of the ETI business to the Toshiba Group of companies,” said Mike Ayers, Senior VP and GM of TIC’s Industrial Division. “This will expand our motor manufacturing and design capability in North America to better serve both ETI’s and Toshiba’s customers.”

ETI began in 1996 as a partnership of Carlo Di Pietro and Joe Aiello, two Hamilton‐based, former Westinghouse Motor Company Canada Ltd. executives. Carlo Di Pietro, President of ETI, said the merger is a win‐win for both companies: “ETI has a history of excellence in one‐off specialty electrical motor production which will enhance Toshiba’s product line, while Toshiba has the efficiencies of a large operation that will improve opportunities here.”

“This is great economic news for Hamilton,” said Hamilton Mayor Bob Bratina. “It shows our local firms are producing world‐class work and, seen through this deal, that the world is taking notice. I’m also encouraged that this acquisition retains good paying jobs in our community, while laying the foundation for new opportunities for growth.”