Perfect fit for growth: Sylvania CEO Paul Griswold

Perfect fit for growth: Sylvania CEO Paul Griswold

Our Web Bureau / Mumbai March 13, 2007

Here's an interview with SLI Sylvania CEO Paul Griswold, COO & CFO Mark Becker and President Europe & Asia Per Langholz, posted on the company website.

Mr Griswold, today Havell's India, an Indian public company and manufacturer of electrical equipment, has signed a definitive agreement to acquire SLI Sylvania. Can you tell us about the transaction?

Paul Griswold: SLI Sylvania has been owned by a private equity group, which had acquired the company in 2003. Over the past months, an auction was conducted culminating in our acceptance of Havell's bid. Since January, we have completed the terms and conditions of the transaction and signed the definitive agreement to sell SLI Sylvania to Havell's.

Can you give further key elements of the transaction?

Mark Becker: Gladly. Havell's will acquire all of the SLI Sylvania businesses and brands in Europe, Latin America, and Asia for euro 227.5 million. An international consortium of banks led by Barclays Capital will finance the acquisition and the ongoing growth plans of the combined company.

We were very happy to see the financing appetite for this specific transaction due to its high growth potential. We have signed the purchase agreement on 2 March and expect to close the transaction in April.

Who is Havell's?

Mark Becker: Havell's is a large and very successful Indian manufacturer and supplier of electrical equipment for domestic and industrial uses, ranging from building installation protection equipment over industrial and domestic switchgears, cables and wires to lighting products. Havell's is a leading force in the Indian market and has grown tremendously over the past years.

Havell's is headquartered in Delhi, India, and is a listed company on the National and Mumbai stock exchange with a total market capitalisation of currently about 430 million Euros. In the first nine months of the fiscal year 2006/2007 - which is from April until December 2006 - the company