Rueil Malmaison, France, July 2, 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
VA TECH Transmission & Distribution, a group company of the listed VA Technologie AG, is a leading international supplier of electric power transmission and distribution systems. We offer integrated system solutions and cutting edge technology individually tailored to our customer’s needs. The global network of subsidiaries guarantees fast and efficient on-site service for customers. In 2003 the group company, with 6,249 employees, achieved sales of approximately €1,026 million.
About Schneider Electric
Schneider Electric is the world’s Power & Control specialist. Through its world-class brands, Merlin Gerin, Square D and Telemecanique, Schneider Electric anticipates and satisfies its customers’ requirements in the residential, buildings, industry, energy and infrastructure markets. Schneider Electric has 82,000 employees worldwide, operations in 130 countries and recorded sales of €8.8 billion in 2003 through 13,000 sales outlets.
