Schneider Electric Sells Mafelec Subsidiary to GET As Part of a Management Buyout | Automation.com

Schneider Electric Sells Mafelec Subsidiary to GET As Part of a Management Buyout

(Rueil-Malmaison, France – February 27, 2006) – Schneider Electric announced today that it has sold its Mafelec subsidiary to GET, a company formed as part of a management buyout. Mafelec is a specialty manufacturer of onboard push-button switches for railway, overland and maritime transportation applications. The sale, which is part of the company’s acquisition by its management (Gilles Heinrich and Eric Heitz), demonstrates Schneider Electric’s commitment to supporting the entrepreneurial spirit of its employees.

The transaction fits in with Schneider Electric’s ongoing strategy of focusing on core businesses where it enjoys critical mass.

For Mafelec managers, the acquisition represents an opportunity to grow a specialty business aligned with customer needs, backed by a recognized brand and well-established customer portfolio.

About Mafelec
Specialized in the manufacture of on-board push-button switches, Mafelec SAS is based in Chimilin in eastern France. It reported revenue of more than €20 million in 2005.

About Schneider Electric
Schneider Electric is the world's power and control leader. Through its world-class brands, Merlin Gerin, Square D and Telemecanique, Schneider Electric manufactures and markets a comprehensive range of products and services for the residential, buildings, industry, energy and infrastructure markets. Schneider Electric has 88,670 employees worldwide, operations in 130 countries and recorded sales of €11.7 billion in 2005 through the 13,000 sales outlets of its distributors.

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