Schneider Swire Limited: Subsidiary company of Schneider Electric to 95%
Schneider Electric Industries SAS acquired 49% of the shares of the joint venture Schneider Swire Limited held by Swire Pacific Limited*.
Schneider Swire was created in 1996 when it was decided to join the forces of Schneider Electric and Swire Pacific Limited to manufacture and market equipment of distribution low tension with Hong Kong and in continental China. Its sales turnover for 2001 is EUR 17.5 M.
Mr. Russell Stocker, Zone Director Greater China - Country Manager China for Schneider Electric said, “It has been a very beneficial partnership, but we are pleased to have reached this agreement to acquire full control of the venture. The business is performing well and has strong volume and growth prospects. As a wholly-owned subsidiary, the company will continue to serve the Hong Kong and Mainland markets and we will be looking to expand our share of this growing market.”
Commenting on the sale, Mr. Martin Cubbon, Group Finance Director of Swire Pacific, said, “ We have been pleased by the success of the joint venture, which is now well established and poised for further growth. However, we have decided to dispose of our interest at this time following a regular strategic review of our overall business portfolio.“
*Swire Pacific is one of Hong Kong’s leading listed companies, with diversified interests under five operating divisions: Property, Aviation, Marine Services, Beverages and Trading & Industrial. Swire Pacific is primarily focused in the Hong Kong, Mainland China and Taiwan region where the Swire Group has been established for over 125 years.