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    Acquisition of Australia's leading manufacturer of medium voltage switchgear

    Schneider Electric has acquired Nu-Lec, an Australian manufacturer of medium voltage switchgear.

    Founded in 1981, Nu-Lec is a fast growing company that provides electric utilities and industrial clients with products and services to improve network reliability and reduce distribution costs. Nu-Lec is expected to report sales over Euro 30 million for the fiscal year 2000, an increase of 25% from the year before, and an operating margin of more than 15%. The company enjoys a strong position in the Australian overhead switchgear market and has attractive growth prospects in the Pacific Rim, the United States and the United Kingdom.

    This transaction marks a new step in the acquisitions-led growth strategy being pursued by Schneider Electric, the World’s Power & Control Specialist.