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Schneider-Fuji JV will have sales worth more than €450m

28 August, 2008

Schneider Electric and Fuji Electric have reached agreement on the formation of their planned industrial controls and electrical distribution joint venture, which they announced earlier this year. The business, with a workforce of 3,000 and predicted revenues of more than €450m, will be called Fuji Electric FA Components and Systems.

Schneider will have a 37% stake in the JV and is contributing its related operations in Japan, as well as around €60m in cash. Fuji, with a 63% stake, is contributing its industrial control and electrical distribution operations in Japan and other Asian countries, including China. The two partners are also contributing their Chinese circuit-breaker manufacturing JV which they have been operating since 2004.

The deal excludes Schneider’s other Japanese operations, such as its variable speed drives joint venture with Toshiba.

º  Schneider Electric is paying around €321m to buy a Canadian company, Xantrex Technology, which specialises in inverter systems for solar and wind power applications. Schneider predicts that the deal will lead to sales worth $470m and an EBITA of $69m by 2011.

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