FRANKFURT, Germany, March 13 /PRNewswire/ --
-- Leading global designer and supplier of lighting systems, SLI Sylvania, acquired by Indian electrical equipment specialist Havell's for EUR227.5 million
FRANKFURT, Germany, March 13 /PRNewswire/ --
-- Complementary geographical scope and product expertise offers tremendous growth opportunities
FRANKFURT, Germany, March 13 /PRNewswire/ --
-- Havell's additional product portfolio broadens SLI Sylvania product range and opens new segments
FRANKFURT, Germany, March 13 /PRNewswire/ --
-- SLI Sylvania's global headquarters to be in Frankfurt, Germany
Havell's, a leading Indian manufacturer and supplier of lighting products and electrical equipment for domestic and industrial purposes, has today signed a definitive agreement to acquire SLI Sylvania from its owners. The transaction price of 227.5 million Euros is financed by an international consortium led by Barclays Capital. The transaction includes all entities of SLI Sylvania in Europe, Latin America, and Asia Pacific and is to close in April 2007.
SLI Sylvania and Havell's plan to leverage their complementary products and markets to become the best-in-class "one stop shop" for lighting systems and electrical equipment. Combined, the two companies would have generated revenues of approximately 750 million Euros in 2006. SLI Sylvania has also announced that its global headquarters will be relocated to Frankfurt, Germany.
Paul Griswold, CEO of SLI Holdings International LLC, commented on the transaction: "The combination of Havell's and SLI Sylvania offers tremendous opportunities for both companies. The existing management of SLI Sylvania will remain in place and further lead the development of the new company on its growth path, always ensuring the best possible service and quality for our world-wide customers."
SLI Sylvania's regional focus lies in Europe and Latin America with growing activities in the emerging economies Asia, and Middle East; while Havell's main business region is India. Thus, the newly formed group will possess a global manufacturing, technology and commercial platform, which supports a rapidly expanding international position, especially in high growth developing markets.
Qimat Rai Gupta, Chairman of Havell's, said on signing the contract: "With SLI Sylvania, Havell's has found the perfect partner. The well established brand and sales networks of SLI Sylvania will enable us to considerably speed up our internationalization process. Additionally, SLI Sylvania offers highly attractive lighting equipment, which will surely find the approval of Indian customers in a fast growing market."
You will find additional information on the transaction in an interview of Paul Griswold (CEO), Mark Becker (COO and CFO) and Per Langholz (President Europe & Asia) of SLI Sylvania at www.sli-sylvania.com.
About SLI Sylvania Group
SLI Sylvania is a leading global designer and supplier of lighting systems with world-wide operations. The group has its main presence in Europe and Latin America with focus on growth in Asia and Middle East. Offering a full line of lamps and fixtures for professional and consumer lighting, SLI Sylvania focuses its resources and technical know-how on innovative and customer orientated lighting solutions. The company's goal is to provide customers with the best products, support and service in the lighting industry.
SLI Sylvania is to be headquartered in Frankfurt and generated sales of EUR469 million in 2006 (2005: EUR446 million). The company sells under the Sylvania brand name throughout the world except for U.S., Canada, Mexico, New Zealand, Australia, and Puerto Rico.
www.sli-sylvania.com
About Havell's India Ltd.
Havell's is a major Indian manufacturer and supplier of lighting products and electrical equipment for domestic and industrial purposes. The company started its business in 1958 and has developed into a major industrial force in India. Havell's manufactures building installation protection equipment, industrial and domestic switchgears, cables and wires as well as lighting products. Havell's is headquartered in Delhi and operates through local offices in India and a global distribution network.
In the first nine months of the fiscal year 2006/2007 (April until December 2006) the company's sales revenues grew to over EUR208 million, up 53 % compared to the same period in 2005/2006. The full year revenue 2005/2006 as of 31 March 2006 amounted to EUR207.7 million. Havell's is listed on the National Stock Exchange of India and the Bombay Stock Exchange; the total market capitalization amounts to about EUR430 million.
www.havells.com
Contact:
HERING SCHUPPENER Consulting
Birgit Haake
Mainzer Landstrasse 43 - 45
60329 Frankfurt
Phone: +49-69-92-18-74-61
E--mail: bhaake@heringschuppener.com
Contact: HERING SCHUPPENER Consulting, Birgit Haake, Mainzer Landstrasse 43 - 45, 60329 Frankfurt, Phone: +49-69-92-18-74-61, E-mail: bhaake@heringschuppener.com
