Schneider Electric enhances its position in Installation Systems & Control for the Residential & Buildings markets with the acquisition of Ritto GmbH & Co KG
Rueil Malmaison, France – May 25, 2007 – Schneider Electric has signed an agreement to acquire Ritto GmbH & Co Kg, a German firm that designs, manufactures and markets door entry and intercom systems for the residential and small tertiary buildings markets. Ritto GmbH & Co KG generated revenue of nearly € 25 million in 2006.
With this acquisition, Schneider Electric adds a comprehensive range of door entry and intercom systems to its already broad offering in Installation Systems & Control (which includes wiring devices, installation material, control products and VDI). Furthermore, it reinforces the Group’s presence in the German market.
Jean-Pascal Tricoire, Chairman of the Management Board and CEO, commented: "After the acquisitions of Merten and Clipsal in 2006, the acquisition of Ritto will accelerate the development of Schneider Electric within the fast growing home control market”.
The transaction is submitted to the authorisation of the antitrust authorities.
About Ritto GmbH & Co KG
Ritto GmbH & Co KG was founded in 1976 as a company of the Friedhelm Loh Group in Haiger / Hessen. Constant innovations and new ideas for diversification were and still are the motor for the growth and expansion of the company's range of services. The stated aim of Ritto GmbH & Co KG is to be a trend-setter in design and technology. Ever since its foundation, the company has continued to develop. Now, its high-class and attractive products are "Made in Germany" and sold throughout the world by more than 130 employees. www.ritto.de
About Schneider Electric
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 and energy and infrastructure markets. With 112,000 employees and operations in 190 countries, Schneider Electric generated sales of €13.7 billion in 2006 through 13,000 distributor outlets.
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