AREVA to acquire Passoni

Mumbai, Feb 23 (UNI) AREVA's Transmission and Distribution (T&D) division has signed an agreement with the Italian company Passoni and Villa, setting forth the legal and financial terms for the purchase of the company.

With an annual sales of Lire 26 million last year and 150 employees, Passoni and Villa is a world leading manufacturer of high-voltage bushings, a company release here today said.

On this acquisition which was likely to be completed by March this year, AREVA T&D will become No 3 worldwide in this market segment and will significantly increase its manufacturing capacity of bushings, the release added.

UNI