In a new step of its development in Asia Pacific, Schneider Electric takes full ownership of Clipsal Asia, its Wiring Devices Joint Venture
Rueil Malmaison, France - Thursday 12th, 2006 - Schneider Electric (Euronext: SCHN) announced the purchase of the 50% stake owned by its partner CIH Ltd. in its Clipsal Asia Joint Venture.
Clipsal Asia was formed in 2003 concurrently with the acquisition of Clipsal Australia and is covering 14 countries of Asia, with sales of more than €115 million. Clipsal Asia is developing, manufacturing and distributing a unique offer in Wiring Devices, Voice Data Image and Home Automation, under the Clipsal brand.
This purchase has been initiated pursuant to the terms of the existing Joint Venture agreement between Schneider Electric and CIH Ltd. for a consideration of about $59 million. The transaction should be completed within the next couple of months.
Russell Stocker, Executive Vice President, Schneider Electric Asia Pacific Operating Division, commented: “Obtaining full ownership of Clipsal Asia is a new important step in the development of Schneider Electric in Asia Pacific. Clipsal Asia will keep its brand identity and will be organised as a dedicated Business Unit, while benefiting from the full support of Schneider Electric organization. In particular, Clipsal Asia will be an essential asset in our wiring devices growth strategy in China and other countries in South East Asia and Middle East.”
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