Groupe Schneider announces the sale of SIMEL to AMP
Boulogne, December 6, 1994 - Groupe Schneider, the Paris-based global leader in electrical distribution, industrial control and electrical installation, sold SIMEL Corporation to AMP (US$ 3.5 Billion of sales in 1993 - 29.000 employees) on December 2, 1994.
Specialized in the field of electrical connection, SIMEL equips transmission and electrical distribution networks. Today, a European leader in its main markets, SIMEL covers more than 60 countries.
Based in Gevrey Chambertin, near Dijon, SIMEL employs 490 people. Consolidated sales in 1993 totalled FF 440 Million.
SIMELECTRO specialized in design and manufacturing of isolated phase busbars (82 Million of sales in 1993 - 80 employees) will stay within Groupe Schneider.
The integration of SIMEL within AMP's activities should strenghten its domestic and international positions in its markets. SIMEL should also benefit from the technical support of AMP.
Groupe Schneider pursues its divestiture program of non-strategic assets and thus contributes to the continuing effort of its debt reduction.
Groupe Schneider's operating brands include Merlin Gerin, Telemecanique, Spie Batignolles and US-based Square D Company. The Schneider SA share, listed on the Paris Stock Exchange and a member of the CAC 40 index, may be accessed on the Dow Jones News Service under the symbol F.SCN, the Reuter Equities 2000 under SCHN.PA and on Bloomberg under SPE FP Equity.