Acquisition Overview
Hitachi Energy announced that it has signed a definitive agreement to acquire Canduct Group, a Canadian manufacturer of transformer insulation kits and components. The transaction is slated to close at the beginning of the third calendar quarter of 2026, subject to customary closing conditions, and the financial terms were not disclosed.
Target Company Profile
Canduct Group, headquartered in Ontario, Canada, was founded in 1982 and employs more than 300 people. It manufactures transformer insulation kits and components for original equipment manufacturers and repair companies across the United States and Canada, and has supplied transformer insulation solutions to Hitachi Energy for over two decades.
Strategic Rationale
According to Bruno Melles, CEO of the Business Unit Transformers at Hitachi Energy, the acquisition expands regional capabilities, strengthens supply chains for insulation kits and components, and supports the growing demand for electrification across the region.
Hitachi Energy Corporate Context
Hitachi Energy, based in Switzerland, employs over 56,000 people in 60 countries and generates revenues of approximately $20 billion. It is the energy arm of the Hitachi Group, which has a market capitalisation of $133 billion and posted revenue of $66.7 billion over the last twelve months. Recent related announcements include Hitachi Ltd.’s expanded strategic alliance with Google Cloud, a collaboration with Intel Corporation on physical AI, and a partnership with Anthropic PBC to integrate Claude AI models into its Lumada 3.0 platform, affecting roughly 290,000 employees worldwide.