Success of Schneider Electric's takeover bid on Japanese Group Digital Electronics
Schneider Electric announced today the acquisition of Digital Electronics, the world leading manufacturer in Human Machine Interface systems.
On November 8, 2002, Schneider Electric launched a friendly takeover bid on Digital Electronics, further to completion of due diligence, at a price of 3,800 Yen per share. This transaction was subject to reaching a minimum stake of 66.7%.
According to the definitive results published today in Japan, 6,513,630 shares out of a total of 6,613,320 were tendered to Schneider Electric's offer. Further to this clear success, Schneider Electric owns 98.5% of Digital Electronics.
"This acquisition is part of our strategy of selective acquisitions aiming at pushing back the limits of our fields. We have identified this market segment as a significant growth opportunity" said Henri Lachmann, Chairman and Chief Executive Officer of Schneider Electric. "It will provide Schneider Electric with a key entry point to the high growth market of Human Machine Interface, and also more open access to the industry market of machine manufacturers, particularly the Japanese manufacturers".
Human Machine Interface integrates a growing number of automation functions and is a key part of networked web-based architecture. For Schneider Electric, the reinforcement of these activities will accompany the development of its innovative Transparent ReadyTM concept for all markets.
Digital Electronics Corp., which is based in Osaka, Japan, is the worldwide specialist of Human Machine Interface, generating around 200 M€ in sales in 2002 with 1 100 employees. It holds leading market positions in Japan, Korea, the United States and Europe.
The Human Machine Interface business encompasses all the electronic devices enabling dialog between operators and the industrial process (such as Industrial PCs, graphic panels and touch screens, etc...).
Key figures of Digital Electronics
(*) assumes 1 EUR = 115 JPY
Breakdown of sales of Digital Electronics
Schneider Electric is the world specialist in power and control. Through its international brands : Merlin Gerin, Modicon, Square D and Telemecanique, Schneider Electric anticipates and satisfies its customers’ needs in the energy, building, industry and infrastructure markets.
In 2001, Schneider Electric generated sales of 9.8 billion euros in 130 countries.
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