Global electrical equipment maker Crompton Greaves (CG) has announced the acquisition of Sweden-based Emotron Group for 57.8 million euro (about Rs.370 crore).
“With this acquisition, the company achieved its ambition of becoming a global player capable of providing comprehensive solutions in its industrial systems business,” Crompton Greaves said in a statement here. The enterprise value of this acquisition is equivalent to 57.8 million euro, it said.
Emotron, which is a power electronics and engineering company, is engaged in manufacturing various equipment, including variable frequency drives (VFDs). “The rising energy costs, global focus on energy efficiency, low carbon emissions coupled with global legislations for energy efficiency is expected to catapult the global market for VFDs from $10 billion in 2010 to $16 billion till 2014,” it said. CG already has its operations based in Europe and offers variety of motors and generators for industrial markets.
“With this combination, both companies are expected to substantially gain and become a major force to reckon with in the global VFD/industrial motors market,” it added. The acquisition would also enable the firm to offer the latest technology in India.