Group, Acquisition |07.22.2010
Acquisition strategy continues
Offer for India’s Indo Asian Switchgear
Acceleration of Legrand’s expansion in emerging markets
- Legrand makes an offer for Indo Asian Switchgear, a key player in the Indian market for electrical protection devices
- Legrand aims to pursue its expansion in emerging economies and significantly increase its presence in India
Following its purchase of Inform, Turkey’s number-one contender in UPS, on July 9, Legrand today announced that it had made an offer to buy the Indo Asian Switchgear division of Indo Asian Fusegear Limited. The offer, which requires corporate approval, has already received the unanimous support of Indo Asian Fusegear’s Board of Directors.
Protection devices made by Indo Asian Switchgear (miniature and residual current circuit breakers, distribution boards, relays, etc.) are aimed primarily at the retail market, where Indo Asian Switchgear is a major player. They perfectly round out existing Legrand operations in India, where the group holds strong positions in both high value-added protection systems mostly used in project business and in premium wiring devices.
The move will significantly increase Legrand’s presence in a fast-growing market where the group should generate close to 4% of its annual sales following the acquisition, and where Legrand has recorded organic growth averaging over 19% a year for the past 15 years.
With 2010 sales that should exceed €35 million and an operating margin in double digits, Indo Asian Switchgear is based near ew Delhi and employs approximately 2000 people at three sites.