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FRENCH REXEL BUYS 73.5 PCT IN CHINESE SUZHOU XIDIAN
French News Digest, 18 February 2008
French electrical supplies distributor Rexel SA said on February 18, 2008 it had acquired a 73.5 pct stake in Chinese sector company Suzhou Xidian for an undisclosed sum. Under the terms of the deal, which is pending the approval of relevant authorities, Rexel will increase its stake in Suzhou Xidian to 100 pct within three years. This operation followed the acquisition of Chinese Huazhang Electric Automation by Rexel in March 2007. The buyer noted that these operations will allow it to accelerate its growth in Asia and to reinforce its position on the Chinese market, where it has been investing since 2000. Suzhou Xidian reported sales of 38 mln euro ($55.8 mln) for 2007 with a growth rate higher than the average market growth rate in China. The company employs 115 people and has seven branches, of which six are in the Shanghai area and one in Beijing. Rexel posted pro-forma sales of 120 mln euro ($176.2 mln) for 2007 in Shanghai and Beijing regions, with 580 employees in China. The group is present in 29 countries, with a network of 1,960 branches. Its sales totalled 10.7 bln euro ($15.7 bln) in 2007.