In a deal that says a lot about the changing balance of power in global manufacturing, French giant, Schneider Electric has entered into a delayed takeover for Clipsal Industries's Asian manufacturing capability.
The French multinational is interested in Clipsal's Asian footprint, both for growth reasons and also as a place to lower its own cost of manufacturing. It will merge its electrical wiring business with that of Clipsal, which has been listed in Singapore since 1992, and is part of the Gold Peak batteries empire.
The transaction will see Scheider pay Gold Peak $45.1 million in cash and give it a 50% stake in the new joint venture which will combine...
