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    Schneider Electric becomes a major player in the global building automation and control market

    Schneider Electric announced today that it will acquire Sweden’s TAC, a major player in the global building automation and control market. Control, automation and supervision of building utilities, including ventilation, heating, lighting, electricity and safety systems, represents significant growth potential for Schneider Electric for a number of reasons: it is a market worth some €11 billion, it is growing on average by more than 6% a year and it offers substantial synergy with Schneider Electric’s current positions in the buildings market.

    TAC: Ideal characteristics for Schneider Electric
    > A major player in building automation and control, with a lineup based on open technologies that is aligned with market expectations and with Schneider Electric’s Transparent BuildingTM approach.
    > A comprehensive portfolio of controllers, sensors, display units and actuators combined with supervision and design software.
    > A powerful image of expertise and quality, reflected in recent flagship projects for the Kremlin, Rockefeller Center, University of Texas, and government buildings in Stockholm.
    > One of the best operating performances in the industry thanks to teams whose quality is widely recognized by customers.

    A key step in Schneider Electric’s growth strategy
    Henri Lachmann, Chairman and CEO of Schneider Electric commented: “This acquisition of a company with exceptional performance and image immediately gives us a major position in a growth area related to our business, as defined in our strategy. The global building automation and control market is at the crossroads of Schneider Electric’s two core competencies: electrical distribution and automation. The strategic fit with TAC is obvious, in terms of products, skills and geographic coverage.”

    Transaction details
    TAC is currently owned by the EQT investment fund. The acquisition will be made on the basis of an enterprise value of €422 million (€371 million for the company’s shares and €51 million in assumed debt) and will be paid in cash. It will be subject to approval by the appropriate competition authorities in six countries (Germany, Austria, United-States, Finland, Romania, Sweden). In accordance with Schneider Electric’s acquisition criteria, and in light of the synergy offered, the transaction will be accretive after amortization of goodwill as from the third year.
    The top management of TAC who has successfully developed the company will remain in place.

    About TAC
    Based in Malmö, Sweden, TAC has 2,100 employees and operations in more than 70 countries. In 2002, the company recorded sales of nearly €350 million and an operating income of 10.5%. TAC has enjoyed remarkable growth over the past few years and is one of the most profitable companies in its industry.

    TAC Key figure

      en millions d'euros (*)
    2001 2002
    Sales 290,0 345,9
    EBITDA 31,9 41,9
    As % of sales 11,0% 12,1%
    Operating Income 27,0 36,3
    as % of sales 9,3% 10,5%

    (*) 1 EUR = 9.11 SEK

    Sales by region

    About Schneider Electric
    Schneider Electric, the world's Power & Control specialist with leading mondial brands such as Merlin Gerin, Square D and Telemecanique, offers a comprehensive range of products and services for the following markets: residential, buildings, industry and energy and infrastructure.

    Schneider Electric's 74 800 employees generated sales of EUR 9.1 billion in 2002 through 13,000 sales outlets in 130 countries.

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