Kranj, Slovenia and Cairo, Egypt— (METERING.COM) — November 29, 2007 – The owners of Iskraemeco, a major meter manufacturer headquartered in Slovenia, have signed an agreement to sell 97.6 percent of the company’s shares to Egyptian companies from the El Sewedy group – El Sewedy Electrometer Egypt and El Sewedy Cables.
Iskraemeco has made great strides this year, both in the field of business optimization and in achieving better business results. However, for further company growth in compliance with planned strategy, the company believed it needed a long-term strategic partner that is familiar with its business, that will provide new capital, and that will be in favor of Iskraemeco’s growth and expansion.
The new owners have performed the necessary due diligence investigations, and Iskraemeco is confident that it will be able to continue to fulfill the planned strategy, while benefiting from increased investment in research and development.
The El Sewedy companies have committed themselves to invest in the development of employees and strengthen Iskraemeco’s sales networks in international markets. They will retain and develop business facilities as well as the registered office of the company in Kranj.
Iskraemeco senior management has said that they believe the new owners can contribute to the development and growth of the company with their knowledge and experience and that the synergetic effects of the association will make Iskraemeco’s business even more successful.
El Sewedy Electrometer Egypt SAE specializes in the design and manufacture of electromechanical and electronic electricity meters and metering solutions, including automatic meter management systems, multifunction metering systems, and prepayment metering systems, with a total production capacity of 2 million meters per annum. El Sewedy Cables SAE is the largest producer of power cables and electrical products in the Middle East.