By Staff Writer
Siemens, a Germany-based technology company, is planning to buy Crabtree Electrical Accessories (Crabtree) from Powertech for an undisclosed amount.
Powertech is a subsidiary of South Africa’s JSE-listed Altron, which is in a process of cleaning up its balance sheet.
The JSE-listed firm informed investors on Monday morning that it has entered into an agreement whereby it will dispose of Crabtree to Siemens AG.
“The disposal of Crabtree is part of the implementation of Altron’s business strategy to focus on its information technology and telecommunications business and exit its manufacturing operations,” the company said in a statement.
The transaction is subject to approvals by competition authorities.
Crabtree manufactures and supplies a comprehensive range of domestic and industrial switches, sockets and associated installation and retail accessories, commercial lighting and miniature circuit breakers.
It is at the forefront of home automation and also provides standby power equipment and associated support services.
The details of the transaction were not disclosed but should the deal goes ahead it is likely that the disposal proceeds would be used by the new CEO Mteto Nyati and team to pursue acquisitions.