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    Alliance with VA TECH in High Voltage

    VA Technologie AG (VA TECH) and Schneider Electric S.A. announce their intention to form a comprehensive Global Alliance that will strenghthen both parties’ position as a global player.

    It is planned to create a 60/40 joint venture in the high voltage business. VA TECH will contribute the transmission and distribution business of its T&D branch to the joint venture, and Schneider Electric will provide all of its SEHV subsidiary's high voltage business. The new entity is to be named VA TECH Schneider High Voltage. VA TECH Transmission & Distribution is to hold a 60 % interest in the new company, Schneider Electric 40 %.The newly created company will rank 3rd worldwide in the high voltage sector.

    Furthermore Schneider Electric will transfer two power transformer factories to VA TECH Transmission & Distribution which will be integrated into VA TECH’s existing Transformer Business.

    This alliance will be reinforced by a global strategic agreement covering the entire T&D business and will offer further opportunities for cooperation between the two groups in the medium voltage sector, one of Schneider Electric’s core businesses in which it ranks 2nd worldwide.

    Both companies believe that this Alliance will strenghten both parties position as the Top 3 player in High Voltage. For Schneider Electric, this alliance will also reinforce its Top 2 position in Medium Voltage.

    The VA TECH Supervisory Board and the Schneider Electric Board of Directors have approved the proposed alliance. The project will be presented to the merger control authorities and to the staff representatives for consultation.

    >Notes to the Editors

    VA TECH Transmission & Distribution, a business division of the listed VA Technologie AG, is a leading international supplier of electric power transmission and distribution systems. They offer integrated system solutions and cutting edge technology individually tailored to their customer’s needs. The global network of subsidiaries guarantees fast and efficient on site service for customers. In 1999 the business division, with 5,330 employees,
    achieved sales of approximately EUR 730 millions.

    The listed VA Technologie AG (VA TECH) is a focused Technology and Service Company which provides value to customers over the entire plant life cycle. Leading international positions are held in the Metallurgy, Hydro Power Generation, Power Transmission and Distribution, Water Systems and Industrial Services businesses. In 1999, VA TECH achieved sales of EUR 3.4 bn according to IAS with a work force of 20,600 employees.

    Schneider Electric High Voltage (SEHV) is a subsidiary of Schneider Electric SA, with a global spread that complements VA TECH. SEHV, with 2,650 employees registered sales of EUR 410 million in 1999.