Saturday, Feb 26, 2005
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NEW DELHI, FEB. 25. Leading Electrical equipment manufacturer Crompton Greaves today announced the acquisition of the Belgium-based power transformer maker Pauwels group for 32.10 million euro as part of its global strategy to strengthen its international business. The acquisition is expected to jack-up Crompton Greaves' turnover by 75 per cent during the next fiscal thereby securing the company's position among world's top ten power transformer manufacturers. "We have bought the whole of Pauwels group that would provide us access to European and American markets where market penetration by a foreign entity is difficult. The acquisition also fits in our global strategy of going international," Managing Director of Cromtom Greaves, S. M. Treham, told reporters here today. The loss-making Pauwels group is into manufacturing of power and distribution transformers having production bases in Belgium, Ireland, Canada, the U.S. and Indonesia. Mr. Trehan said that the company hoped to turnaround Pauwels group in 12-18 months with its revenues flowing into Greaves kitty from the first quarter of next fiscal itself. — PTI
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