Schneider Electric seeking to buy Digital Electronics

09/09/2002


North Andover, MA— Schneider Electric announced Sept. 9 that it has reached a conditional agreement to acquire a 35% stake in Digital Electronics (Osaka, Japan), and adds it is scheduled to launch a takeover bid for the remaining portion of Digital's share capital. Among other conditions, this planned transaction is subject to reaching a minimum stake of 66.7% and successfully completing due diligence requirements.

Digital and its 1,100 employees specialize in human machine interface (HMI) products, and generate approximately 200 million Euros annually. Digital reportedly holds a leadership position in Japan and Korea, as well as some significant and developing positions in the U.S. and Europe.

Schneider states its contemplated acquisition of Digital and its HMI solutions will reinforce its position in the industrial automation category by enabling Schneider to offer complete solutions for industrial automation and process integration.

In addition, Schneider plans to use Digital as an entry point into Japan's industrial market. The acquisition is also expected to be a channel for increasing Schneider's sales to industrial machine builders worldwide.

Control Engineering Daily News Desk
Jim Montague, news editor
jmontague@reedbusiness.com





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