Medium voltage equipment partnership in Norway
Schneider Electric AB, our Norwegian subsidiary, has signed a partnership agreement with More Eiendom AS covering the production of medium voltage equipment to be marketed throughout the Nordic countries. The new More Electric Group joint venture, owned 66% by More Eiendom and 34% by Schneider Electric AB, combines the operations of More Trafo AS in Norway and of Schneider Electric Sweden subsidiary KL Industri AB.
“We are aiming to increase our share of the regional market and become the No. 1 in the area of medium and low voltage substations. The new company has a workforce of 190 and anticipates sales of euro 23 million in 2001,” said Lennart Montin, who is in charge of coordinating activities with More Eiendom.