Schneider Electric takes controlling interest in PDL Holdings Ltd.
Schneider Electric today announced that it has reached an agreement to acquire the 60% share majority owned by the Stewart family, founders of the New Zealand company PDL Holdings Ltd.. This acquisition thereby increases its interest in the company to 88%, subject to completion of legal formalities within the next two weeks.
PDL Holdings Ltd is the New Zealand market leader in final low voltage equipment and high power variable speed drives. The company generated 80 million euros in these two activities in 2000. Its final low voltage division holds a leadership position in New Zealand and Malaysia and a strong market position in Australia and Singapore. Its variable speed drives, particularly effective in the high power range, round out the Schneider Toshiba Inverter SAS line-up. The operation will have a neutral impact on Schneider Electric EPS as of the first year.
Schneider Electric intends accelerating the PDL Holdings Ltd strategy and will use its worldwide sales network to create value.
This acquisition is part of Schneider Electric’s external growth strategy, which aims to strengthen its position in new markets such as Asia Pacific and make good use of complementary competencies. It will tie in well with the Legrand group’s market positions. Legrand, the world leader in low voltage electrical equipment, is presently involved in a friendly merger process with Schneider Electric.