euro adhoc: VA Technologie AG / Mergers - Acquisitions - Takeovers / VA TECH T&D acquires 40 percent share from joint venture with Schneider Electric (E)

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VA TECH Transmission & Distribution (VA TECH T&D), a subsidiary of the listed VA TECH and Schneider Electric have announced today the transfer of the 40% stake in the High Voltage joint venture held by Schneider Electric to VA TECH T&D.
In October 2000, VA TECH T&D and Schneider Electric signed a cooperation agreement through which each company contributed their high voltage equipment business as of January 1, 2001 to a jointly owned company, VA TECH Schneider High Voltage. VA TECH T&D and Schneider Electric respectively owned a 60% and 40% equity stake in the joint venture managed by VA TECH T&D. The contract includes an option for VA TECH to acquire the 40 percent share from Schneider. This option has now been exercised by VA TECH T&D in order to strengthen the core business in the high voltage switchgear sector. "The purchase of the 40 percent share from the joint venture is a further step within the course of our corporate strategy to become one of the leading experts in transmission and distribution", says Klaus Brenner, chairman of the Managing Board of VA TECH T&D and member of the Managing Board of VA TECH.
In 2003, the joint venture achieved sales amounting to EUR 620 m with 2,600 employees.
After this transaction, the Grenoble site will continue to be a major worldwide competence center, both for the development and the manufacturing of its core offer.
Concerning the purchase price both companies agreed upon silence. Vienna, 2 July 2004

Further inquiry note:
Bettina Pepek
Press Officer
Tel: 0043 1 89 100 3400

Emittent: VA Technologie AG Lunzerstrasse 64 AT-4031 Linz ISIN: AT0000937453 WKN: 093745 Indizes: ATX, ATX Prime, WBI Börsen: official dealing Wiener Börse AG; free trade Berliner

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Wertpapierbörse, Bayerische Börse
Branche: Technology
Sprache: Englisch