Schneider Electric China plans to strengthen its Medium Voltage Vacuum technology partnership
Beijing, China, June 27, 2006 - Schneider Electric’s (Euronext: SCHN) main Chinese subsidiary, Schneider Electric China Investment Co. Ltd. (SECI) has announced today its intention to participate into the equity conversion process of Shaanxi Baoguang Vacuum Electronic Apparatus Co. Ltd. (SBVE) with the intention of taking an equity stake of about 40% in SBVE.
Such an equity stake may only be obtained if the equity reform plan presented by SBVE is approved by the relevant authorities and shareholders, and a number of other conditions precedent are satisfied.
SBVE is a leading manufacturer of Vacuum Interrupters, the main technological component of Medium Voltage Vacuum Circuit Breakers. It is listed in the Shanghai Stock Exchange and reported sales of about 29 M€ in 2005.
This transaction would reinforce Schneider Electric China’s set-up in Medium Voltage and would complement the formation of Schneider (Shaanxi) Baoguang Electrical Apparatus Co. Ltd. (SSBEA), a new Joint Venture dedicated to the manufacturing and distribution of Medium Voltage Vacuum Circuit Breakers.
The transaction would also be beneficial for SBVE as Schneider Electric plans to provide technical support and enhanced international commercial perspectives.
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Schneider Electric is the world’s power and control specialist. Through its world-class brands, Merlin Gerin, Square D and Telemecanique, Schneider Electric anticipates and satisfies its customers’ requirements in the residential, building, industry, energy and infrastructure markets. With 92,000 employees and operations in 130 countries, Schneider Electric generated sales of €11.7 billion in 2005 through 13,000 distributor outlets.
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