Brazilian Acquisition For Lucy Group
22nd January 2018 Paul Andrews
Lucy Group Ltd (Lucy) has announced the recent acquisition of Arteche’s medium voltage switchgear business in Brazil, Lucy Arteche Equipamentos Eléctricos Ltda (Lucy Arteche).
Lucy Arteche will be part of the Group's medium voltage, secondary power distribution business, Lucy Electric. It will benefit from Arteche’s extensive experience and expertise in medium voltage, air-insulated switchgear products in South America as well as introducing Lucy Electric’s products into the region. The expansion into South America is consistent with Lucy Electric’s strategy for expanding its business in key growth markets around the world.
Lucy Arteche will continue to produce and develop its existing medium voltage, air-insulated electrical switchgear range for South America. It will also introduce a number of Lucy Electric’s low and medium voltage electrical distribution and smart automation products and services into the region.
John Griffiths, CEO of Lucy Electric says “With this timely strategic acquisition, Lucy Electric enters the developing markets of South America in line with our business development plan. Arteche has a strong presence on this continent, and by working in close collaboration we will continue to deliver top quality products and solutions to both existing and new customers, as well as launch Lucy Electric’s intelligent products, solutions and services in the region. We look forward to engaging with all our stakeholders, building professional long term relationships whilst at the same time bringing Lucy Electric engineering expertise and outstanding customer service to these important markets.”
Alex Artetxe, CEO of Arteche Group says “South America is a strategic market for us, we will continue operations in Brazil, focusing on our core business - including instrument transformers, power quality solutions, auxiliary relays for tripping applications, reclosers and automation, control and protection systems - to consolidate our position in the domestic smart transmission and distribution market. Arteche will support Lucy Electric to maintain a close relationship and service with our customers and suppliers.”
All customers and suppliers are in the process of being contacted and all existing orders will be fulfilled by Lucy Arteche.
For the year ending 31st December 2016, Group sales were £192 million with net assets of £178 million. The Group has over 1,300 employees.