A dry type, air cooled transformer having a mitered magnetic core and a compression bonded coil. In the disclosed embodiment, the magnetic core is of the mitered, stacked lamination type. The coil on each of the core legs is generally rectangular in shape and comprises a plurality of layers of wound conductor with the conductor layers in the end portions of the coil being spaced apart to form a plurality of air ducts for the passage of cooling air therethrough. The conductor layers in each of the side portions of the coil are compressed and then bonded together in their compressed state by means of a heat cured adhesive coated on opposite sides of the sheets of insulation between adjacent layers. This compression bonding of the coil sides squares up the inner and outer surfaces of the coil so as to improve the coil and core space factors thereby allowing a smaller core. Conversely, compression bonding allows higher output power ratings to be achieved by packing added conductor material through the same size core window. The compression bonding of the coil also permits duct spacers in the corners of the end ducts to be eliminated so that the duct spacing can be achieved by a single duct spacer located in the center portion of each duct thereby resulting in better conduction of heat from the coil sides to the ducted end portions of the coil.