Hytec Holdings and Khulile Investments have announced the formation of Afripower, the first empowered, full-spectrum hydraulics and automation enterprise in South Africa.
Afripower will form part of the Hytec Holdings Group, with Khulile Investments holding an effective 25,1% and Hytec the remainder. "Afripower will commence operations with an asset base of approximately R70 million and employ 250 people in 13 branches nationally, and will be the first BEE enterprise to offer complete drive and control solutions to South African industry. In addition to the business opportunities which we believe will flow from this new venture, the establishment of Afripower will enable the Hytec Group to make significant progress towards achieving its BEE transformation objectives," says Mike Burgess, chairman of Hytec Holdings.
"Hytec was established in 1966, and today the Hytec Group operates from 28 separate local, regional and international locations and is recognised as the leading single-source provider of hydraulic, pneumatic and automatic technologies and services in South Africa. Afripower - which will trade under the Hytec banner, will be in the unique position of being able to draw from the established technical expertise of the Hytec Group on the one hand, and Khulile's exposure to business opportunities in the Eastern Cape and general marine industry on the other," says John Wingrove, Hytec Holdings' group managing director.
All trading companies are staffed and supported by expert design and sales engineers, quality assurance personnel, as well as installation, service and repair technicians. Repair and performance testing is carried out through Hytec's fully equipped repair facilities, with qualified personnel performing accurate damage and wear assessments. Genuine parts are expertly assembled with full performance testing up to 600 kW and all repairs are carried out to the manufacturers' original specification. The Hytec Group also provides high quality hydraulic and pneumatic cylinder repairs.
Established in 1998, Khulile Investments is a 100% empowered investment company with interests in a range of companies, including Pioneer Fishing, the fourth largest fishing company in South Africa.
"Our stake in Afripower will open up opportunities to those previously excluded from the high-technology industries in the country. Hytec's commitment to training their BEE partners and members of communities previously excluded was a key reason for our decision to invest," says Stephen Dondolo, executive chairman of Khulile Investments.
Dondolo has been a non-executive director of Hytec Holdings since February 2003. He is a founder member of Pioneer Fishing (executive chairman), African Pioneer and Khulile Investments. He is a respected member of numerous boards, including Coca Cola, Fortune and African Legend Investments.
For more information contact John Wingrove, MD, Hytec Holdings, 011 979 4630.
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