Siemens acquiring UK-based Electrium
Nuremberg, Germany — Siemens Automation and Drives (SA&D) Group has an agree-ment to acquire Electrium —based in Cannock, West Midlands, U.K.—which will be-come a subsidiary of Siemens plc. Electrium, a leading U.K vendor of electrical installa-tion systems, also has had a long presence in Near- and Middle-East markets. Some 700 employees, at the company’s four locations, generated sales of€109 million (approxi-mately $129 million) in fiscal year 2004/2005. Sellers—Electrium's management and Lloyds TSB Development Capital Ltd.—each own 50% of the company. The transaction is conditional on regulatory approval.
The market for electrical systems is characterized by regional standards with strong market leaders. Consequently Electrium's name and product brands will be retained along with the established distribution channels.
The U.K.’s market for electrical installation systems is approximately€960 million ($1,134 million), and Electrium is among the leading vendors of British Standards wiring accessories, circuit protection systems and switches, and sockets.
— Richard Phelps , senior editor, Control Engineering