Rueil Malmaison, February 6, 2004 – On December 22, 2003, Schneider Electric signed agreements to acquire all outstanding shares in MGE UPS, pending approval by anti-trust authorities. After receiving approval from officials in the United States and South Africa, Schneider Electric was informed on February 5 that the European Commission has authorized the acquisition unconditionally. As a result, the transaction will be completed on February 10, 2004. This acquisition provides Schneider Electric with a new growth platform at a time when power quality is becoming a critical issue. 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, buildings, industry and energy and infrastructure markets. With 74,814 employees, Schneider Electric generated sales of EUR 8.7 billion in 2003 through 13,000 sales outlets in 130 countries.
For more information, please visit www.schneider-electric.com .
