Altron corporate news
POWERTECH TRANSFORMERS SECURES STATUS OF A LEVEL 3 BBBEE CONTRIBUTOR
Wednesday, February 24, 2010
Powertech Transformers, a subsidiary of Powertech and the JSE listed Altron Group is pleased to announce that, in an audit conducted by independent BBBEE accreditor, Empowerdex, we secured the status of a level 3 BBBEE contributor, equivalent to an AA rating in terms of the DTI Codes.
The audit, which is the first one undertaken, since the integration of Desta Power Matla into Powertech Transformers, was completed at the end of November 2009.
Powertech Transformers recognises the importance of transformation, not only within the company but also within the broader South African business environment. BBBEE is a framework that contributes towards rectifying the exclusions and imbalances of the past and enables South Africa’s sustainable growth into the future.
Our objective was to achieve at least a "Level 4" contributor status in terms of the Department of Trade & Industry’s Codes of Good Practice (“DTI Codes”) and in attaining the overall score of 76,75% or an "AA" rating is an enormous achievement for the company despite the challenges in the market presently.
Adding impetus to our commitment to broad-based black economic empowerment, having secured the score of 76.75% from Empowerdex, the local industry respected economic empowerment rating agency, we are now officially classified as a level 3 contributor. This means that our customers will now be able to claim 110% of procurement spend for its own black economic rating.
Leon Viljoen, CEO Powertech Transformers says, “Powertech Transformers is considered a world class manufacturer and a leader in transformation. The Empowerdex rating just emphasises our total commitment to Broad Based Black Economic Empowerment and thus to transforming the South African workplace.”
Powertech Transformers together with Mvelaphanda Strategic Resources and Power Matla Manufacturing established the first empowerment company in the transformer industry namely Desta Power Matla (DPM) in 1999. Since then DPM grew from strength to strength purchasing Power Engineers in 2001. Powertech Transformers incorporated DPM in 2009 and is very proud of achieving a rating as a “Level 3” contributor.
With the integration of DPM into Powertech Transformers, Power Matla increased its commitment to the transformer industry and today holds a 20% equity stake in Powertech Transformers.
Powertech Transformers is currently in negotiations to sell a further 5.1% share to an equity partner, bringing the total black equity shareholding to 25.1%. This transaction should be finalised during 2010. Once completed this will enable the Powertech Transformers business to further increase its points on its equity ownership portion in terms of the dti Codes of Good Practice.
Our objective for the next audit is to improve on our existing rating and plans have been introduced to improve on scores where we have not attained full points in terms of the dti Codes.
Power and distribution transformers for the African continent are manufactured by Powertech Transformers at its operations in Pretoria West, Cape Town and Johannesburg.
ENDS...
Powertech Transformer is 80% owned by Power Technologies (Pty) Ltd (Powertech), the largest power-electrical group in Southern Africa and 20% owned by Power Matla. Its main business is the design, manufacturing and selling of a complete range of power and distribution transformers for the African continent. Powertech Transformers’ factories in Pretoria West, Johannesburg and Cape Town are state of the art world class facilities, amongst the best in the Southern hemisphere boasting ISO 9001, ISO 14001 and OHSAS 18001 quality, environmental and health and safety listings respectively.
Powertech, a wholly owned subsidiary of the JSE-listed Altron group, has an annual turnover of over R 8 billion and employs approx. 5,000 people in over 20 sales offices and 10 factories in South Africa, Africa, Europe and Asia. Its products such as cables, transformers, batteries, electrical accessories, and services such as engineering and project management are offered to the power utilities, large power users (eg. in mining or industrial), building and construction, transport as well as telecommunications industry customers. More information on the Powertech group and all of its subsidiaries is available on the Internet at www.powertech.co.za
For additional information contact
Leon Viljoen, CEO, Powertech Transformers +27 12 318-9700 or leon.viljoen@pttransformers.co.za
or
Jacqui Burn, Communications Manager, Powertech Transformers on +27 12 318-9802 or Jacqueline.burn@pttransformers.co.za
| Page updated: 2 September, 2008 | » Return to top |