· Zumtobel Group acquires 60% of shares in Thorn India Pvt.Ltd.
· Acquisition of remaining shares to take place in 2010
· Majority holding completes growth strategy in Asia
Dornbirn/Austria – With effect from May 2007, the Zumtobel Group has acquired 60% of Thorn India Pvt.Ltd’s shares and is now holding a controlling interest of 70%. The company is a sales organisation with more than 40 staff members, distributed among four branches located in Delhi, Mumbai/Bombay, Bangalore and Chennai. At present, it generates sales of nearly EUR 6 million. In 2010, the Zumtobel Group will acquire the remaining 30% of Thorn India Pvt.Ltd. The current management will continue Thorn India’s business.
Thorn India Pvt. Ltd. was established in 1997. The dynamic development of the Indian lighting market has been the reason for acquiring the shares – with a market volume of more than EUR 400 million, India is the industry’s eleventh largest sales market. Andreas J. Ludwig, CEO Zumtobel Group, seeks to boost growth in Asia through strong commitment: "Besides technological innovation and the development of new applications, organic growth in clearly defined regions is one of the main pillars of our growth strategy. With nearly 10%, the Indian market’s potential for growth clearly exceeds the European average. Having acquired a majority holding, we can now continue to expand our presence in this growth market."
Head of Corporate Communications
Tel. +43-(0)55 72 509 1570
Assistant Corporate Communications
Tel. +43-(0)55 72 509-575
Head of Investor Relations
Tel. +43-(0) 5572-509-506
The Zumtobel Group – global market leader in the lighting industry
The Zumtobel Group, based in Dornbirn in the Vorarlberg region of Austria, is one of the few global players in the lighting industry. The Group, which started life as Elektrogeräte und Kunstharzpresswerk W. Zumtobel KG in 1950, today employs a workforce of over 7,500 and in the 2005/06 financial year posted revenues of EUR 1,184.2 million. Under the leadership of its Executive Board of Dr. Andreas J. Ludwig (CEO) and Thomas Spitzenpfeil (CFO), the Group today comprises two subgroups. Zumtobel Lighting Division, the luminaire business, includes the Thorn and Zumtobel brands along with their shared production network, International Lighting Technologies. The TridonicAtco Division handles the lighting components side of the business, while the two start-up companies, LEDON and LEXEDIS, look after LED operations. The financial year of the Zumtobel Group commences on May 1 and ends on April 30.