CG to sell power biz to PTI Holdings

The Avantha Group company CG has announced the sale of its Canadian power transformer business to PTI Holdings Corp for C$20 million. The deal is subject to post-closing adjustments and regulatory approvals. The transfer of the business will be effective October 27, CG said in a statement. In 2005, CG took over the transformer business as a part of the acquisition of the Pauwels group. The business unit is based in Winnipeg, Canada. It manufactures power transformers for utilities across Canada. It manufacturing capacity is 7,200 MVA per year and it employs around 200 people, the statement said.