Schneider Electric acquires Gunsan Elektrik
Schneider Electric SE announced that it has signed an agreement to acquire Gunsan Elektrik, the second largest player in wiring device accessories serving residential and commercial buildings markets in Turkey.
Based in Istanbul and employing over 300 employees, Gunsan Elektrik specializes in wiring device accessories. It has a wide offering including switches & sockets, miniature circuit breakers and fuse boxes. The company generated revenues of about TRY 100 million (EURO 35 million) in 2013, with an EBITA margin slightly above the Group’s Buildings & Partner business.
Gunsan Elektrik will bring to Schneider Electric a well recognized brand, a diffused local distributor network and a competitive manufacturing base in Turkey. It will complement Schneider Electric’s premium offerings with a strong mid-market product range.
This transaction is in line with Schneider Electric’s strategy to focus on bolt-on acquisitions and further develop its presence in new economies through offers adapted to local markets. This acquisition is expected to be accretive on earnings per share from year one and to meet Schneider Electric’s Return on Capital Employed criteria by the end of the third year. The transaction is subject to regulatory approvals.
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