CG buys transformer biz of Pauwels

Crompton Greaves (CG) has signed an agreement to acquire the transformer businesses owned by the Pauwels Group in Belgium, Ireland, Canada, United States and Indonesia at an enterprise value of euro 32.10 million.

According to a release issued to the BSE today, the turnover of the Pauwels Group for the year ended December 31, 2004 was approximately euro 257 million.

"The company anticipates a further investment of euro 7.5 million to strengthen the business," the release added.