Schneider Electric acquires Steck Group in Brazil

Schneider Electric, Rueil-Malmaison, France, signed an agreement to acquire Steck Da Amazonia Industria Electrica Ltda. and its affiliates, adding a key player in the fast growing low-voltage residential and commercial market in Brazil. Based in Sao Paulo, with revenues of approximately $113.5 million and over 950 employees, Steck Group specializes in the design, manufacturing and distribution of products and systems for electrical installations. It has a broad product offering that includes industrial plugs and sockets, contactors, miniature circuit breakers, wiring devices and installation systems, and enclosures. The transaction will enable Schneider Electric to broaden its product portfolio and market access and hence provide an opportunity to expand its presence in new economies, particularly in Latin America, Schneider said in a release.