Schneider Electric sells its 40% stake in the High Voltage JV (VAS) to its partner VA TECH T&D
Rueil Malmaison, France, July 1st, 2004 – Schneider Electric and VA TECH Transmission & Distribution (VA TECH T&D), have announced today the transfer of the 40% stake in the High Voltage joint-venture held by Schneider Electric to VA TECH T&D.
This sale is part of Schneider Electric strategy to focus on its core business. For VA TECH T&D, the purchase represents another stage towards fulfilling its business vision as a leading expert in the power transmission and distribution market.
The joint-venture ranks third worldwide in the high voltage equipment industry with sales of €620 million and 2,600 employees in 2003.
In October 2000, Schneider Electric and VA TECH T&D signed a cooperation agreement through which each company contributed their high voltage equipment business as of January 1, 2001 to a jointly owned company. Schneider Electric and VA TECH T&D respectively owned a 40% and 60% equity stake in the joint-venture managed by VA TECH.
After this transaction, the Grenoble site will continue to be a major worldwide competence center, both for the development and the manufacturing of VAS core offer.
About VA TECH Transmission & Distribution