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VA Tech T & D reports record growth

16 May, 2002 – VA Tech Transmission & Distribution (VA Tech T&D), the Austrian manufacturer of high voltage transmission and distribution equipment, today reported growth across the business for 2001.

Sales were a 60 per cent up on the previous year at €1.2bn while order intake more than doubled compared to 2000 and stood at €1.35bn. This led to a year-end operative result (EBITA) increased by 25 per cent to €64m and a sales margin of 5.3 per cent. This performance was achieved against a background of an overall market growth, which has been steady at around 2 per cent per year.

For the first time, the key figures included the VA Tech Schneider High Voltage joint venture. VA Tech T&D holds a 60 per cent share in the company and exercises industrial management control. The French group Schneider Electric owns the remaining 40 per cent. Increased sales also showed a significant organic growth in the joint venture as well as in the other businesses in the VA Tech T&D Group.

VA Tech T&D has become a global business with more than 6700 employees worldwide. 37 per cent of the orders come from Europe, 34 per cent from the Americas, 10 per cent from Asia and 19 per cent from Middle East and Africa.

Klaus Brenner, Chairman of the Board of VA Tech T&D said, “The effect of liberalisation and privatisation on the energy markets continues to change the power transmission and distribution competitive landscape and we will need to continue to come up with innovative technological solutions to today’ s challenges. The synergism created by our joint venture with the Schneider Electric Group turned out into substantial business gains. Our Transformer business as well as our Automation business saw an ongoing growth in its key markets.”