Acquisitions in low voltage final distribution
Schneider Electric has just increased its stake from 31% to 100% in Metesan Lexel Elektrik (Turkey). Schneider Electric has also signed an agreement with the founder executives of the Hungarian company Prodax to acquire a 100% stake.
Metesan Lexel Elektrik, which is located in Izmir, Turkey, is one of the leaders in the Turkish final low voltage equipment market, manufacturing products for the residential, commercial and industrial construction sector. Its products are also geared to the promising markets of the Middle East, the Maghreb and Central Asia.
With 300 employees, the company records annual sales of around EUR 10 million and has a good level of operational profitability. Its development outlook is very promising.
Prodax is located near Budapest and is the second Hungarian supplier of final low voltage equipment. Certified ISO 9001 in 1996, the company has 150 employees and registers sales of around EUR 8 million. The company has an excellent record of profitability together with a buoyant rate of organic growth.