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Change of ownership of HPM. Legrand, a worldwide specialist in electrical installations and data networks, has signed an agreement to acquire 100% of the HPM Group.
Local Announcement on the Sale of HPM, to be released at 7.30am on Wednesday, 10 January 2007. The shareholders of HPM and Legrand are pleased to announce that an agreement has been signed for Legrand to acquire all of the issued share capital in HPM Industries together with its subsidiary companies. The acquisition will be effective as at 31 January 2007, but is subject to certain conditions being met by that date, including regulatory approvals. HPM was established over 85 years ago and is well known in both the trade and retail markets in Australia and New Zealand for its electrical products and accessories. In December 2005, Investec Wentworth Private Equity acquired an interest in HPM to grow and develop the business. Ownership by Legrand will give HPM the opportunity to rapidly expand its product range and give it access to the extensive products, technologies and manufacturing facilities of the Legrand Group of companies will position HPM to compete more effectively in its traditional markets. HPM will continue to market products under the HPM brand in Australia and New Zealand. Legrand (www.legrandelectric.com) is one of the principal worldwide specialists for products and systems for low-voltage electrical installations and data networks. Legrand provides solutions for residential, commercial and industrial buildings. With more than 130,000 catalogue items and a commercial presence in more than 60 countries, the group generated revenues of ¬3.2 billion in 2005. With a work force of 31,000 employees and nearly 5% of its sales invested in R&D each year, the group focuses its development on innovation and a regular stream of new, high added-value products. A further announcement will be made when the conditions referred to above have been satisfied. For further information please contact: HPM CEO Peter Abery 02 9245 1909 Investec Wentworth Private Equity Jon Brett 02 9293 2232 Legrand Australia Pty Ltd Gary Uren 02 8748 0310
Date
Thursday 11 Jan 2007
