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    A new joint venture between Schneider Electric and Toshiba in industrial speed drive

    Schneider Electric and Toshiba announce plans to form a new joint venture in industrial speed drives

    Schneider Electric and Toshiba Corporation will form a joint venture to develop and produce speed drives up to 630 kW for the industrial production and construction markets. The new company, to be called Schneider Toshiba Inverter SAS, will be operational in early 2001.

    This move will strengthen the partners’ position in the speed drives market worldwide, and more specifically in Japan, the United States and Europe. The new joint venture will be the global leader in industrial speed drives.

    By joining forces in an extremely competitive segment, Schneider Electric and Toshiba will be able to reduce time to market and development costs, introduce more new products and meet customer needs more effectively worldwide.

    The future global lineup will be based on a common platform, allowing the new company to leverage broader purchasing resources and respond more quickly to changes in demand in all its world markets.

    Schneider Electric will own 60% of the joint venture and Toshiba 40%. Schneider Toshiba Inverter SAS will have a level of activity of Euro 400 million and 470 employees. Its headquarters and European subsidiary will be located in Pacy sur Eure, France. The company will also have a Japanese subsidiary in Mie and an American subsidiary in Houston, Texas.

    This project is the latest in a series of cooperation agreements between Schneider Electric and Toshiba in industrial control and low voltage. Their partnership, which stretches back more than ten years, has led to the creation of several joint ventures:

    > 1992: Joint venture in Batam, Indonesia to manufacture contactors.
    > 1998: Joint venture in Japan to develop small speed drives.
    > 1999: Joint venture to sell a common range of electrical distribution and industrial control products in Japan.

    Schneider Electric is the World’s Power and Control Specialist, with operations in 130 countries and 67,500 employees worldwide. In 1999, Schneider Electric reported sales of Euro 8.4 billion.

    Toshiba Corporation is a world leader in information and communication systems, electronic components, consumer electronics and electrical equipment. Toshiba has 198,000 employees worldwide and annual sales of Euro 54 billion.