 |
 |
||||||
[June 2001]
ABB Acquires Entrelec
ABB said on 15 June 2001 that its 310 million euro tender offer for the French company Entrelec - a Lyon based supplier of industrial automation and control products - had been very successful. After paying for the tendered shares, ABB will obtain 4,789,183 shares, representing 99.1% of the outstanding share capital of Entrelec Group on a fully diluted basis.
ABB made a friendly bid to acquire Entrelec in early April of this year and at that time said that the acquisition was aimed at expanding its product range and reinforcing its position in key European and American markets.
Entrelec supplies industrial automation and control products, including electrical connecting devices, time relays, signalling and safety devices, and wiring accessories. It operates in 17 countries and employs about 2,000 people, with a strong presence in France, the USA and Germany. The company has production sites in France, Germany, Czech Republic, Poland, the USA and Mexico.
The giant ABB employs in excess of 160,000 people spread over more than 100 countries.
Web site: http://www.abb.com
ENDS