WAUKESHA, Wis. (AP) -- Generator maker Generac said Monday that it completed its $46.5 million acquisition of Ottomotores, a generator equipment manufacturer with significant operations in Latin America, to help it expand globally.
Generac Holdings Inc., based in Waukesha, Wis., had announced the acquisition of Ottomotores UK Ltd. in November. Its subsidiaries, Ottomotores Mexico and Ottomotores Brazil, make equipment for customers in Latin America and exports to other international markets. The businesses generated revenue of $81.6 million in fiscal 2011.
Generac's generators provide backup power for homes and businesses. The company has sought to build its dealer network in Latin America's fast-growing developing nations to expand international sales, but the bulk of its manufacturing facilities have remained in Wisconsin.
Shares of Generac slipped 33 cents, or 1 percent, to $32.64 in midday trading Monday. The stock rose sharply this fall — up 44 percent since the end of September — as customers stocked up on generators because Superstorm Sandy and other bad weather knocked out power for millions.
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