CG International BV concluded an arrangement for the acquisition of the Transformers, Gas Insulated Switchgear (GIS), Rotating Machines and Contracting businesses of the Hungarian Ganz Transelektro Villamossagi Zrt. (GTV).
In addition it will also acquire an associate company Transverticum Kft (TV), engaged in the design, erection & commissioning of fully integrated substations. The approximate total enterprise value of this transaction is € 35 million. CG International BV is the Netherlands based international subsidiary of the Indian company Crompton Greaves Ltd (CG). CG previously acquired the Belgium based Pauwels Group in May 2005, including five manufacturing locations spread across Europe, North America and Asia. Due to the new capabilities and synergies offered through the “merger” with CG, Pauwels turned around very quickly resulting in an overall Revenue Growth of 40% and ROCE of 20.4% in fiscal year 2005 - 2006.