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        Hager Group Acquires ELCOM

~Acquires ELCOM International, German based video door phone specialist ~

~Targets significant market share in the 500 crore Door Communication by 2015~

Pune, Feb 22, 2012: Hager Group, a leading global specialist of electrical switchgears and automation products/ solutions for residential and commercial buildings, has recently acquired  ELCOM International, a German based specialist in Video Door Phone domain.

With this acquisition Hager Group also acquired over 51 % stake in ELCOM Door-Communications (I) Pvt. Ltd., an ELCOM joint venture, in India and is therefore now a close partner of ELCOM Door-Communications Pvt. Ltd.

With this strategic acquisition Hager Group underlines the defined goal to become a comprehensive supplier of electrical solutions for residential and commercial buildings. It also strengthens its activities in the Brazil, India, China (BIC) countries. The corporate culture and wealth of tradition at both companies are sure to form an excellent common platform for a successful future under the roof of Hager Group.

With changing urban Indian lifestyle and young population mix; the acquisition will help Hager Group to enter the untapped door communication market.  The concept has gained acceptance In India in recent years, with some reputed builders offering Door Phone System as an amenity. Today in cities, the house owners are aware of the Door phone System and will soon adopt Door Phone as a must have amenity for their homes.

In recent years, the Indian market has been highly receptive to state of the art technologies. Growth in sunrise product segments like home automation, security/ access control is testimony to the fact that the Indian consumers are getting tech savvy and aspire for modern automated homes with aesthetic appeal.

Speaking on the acquisition of ELCOM, Mr. Daniel Hager, CEO of Hager group said :

“With Elcom we have won a new and qualified partner, who in the past has proven their competency by growing steadily and dynamically. We are full of confidence to further fuel this growth in this promising, dynamic and fast growing Indian market.”

Prasad Gangavkar, CEO of ELCOM Door Communication India, shares this opinion: “With Hager Group we gain an international key player of the electrical industry, enabling us to expand our successful business in India even further. With Hager Group as a strong partner and its support, we expect to be able to offer our customers and partners many more innovative solutions in a sustainable way. In coming years, each Indian house will replace Door Bell with Door Phone. The process of transformation has just begun.”

Benoit Lecuyer, Hager India Managing Director, is enthusiastic to see the Hager family grow in India: “Elcom will enable us to explore new options and opportunities in the field of the growing Indian home automation market, while offering synergies with our existing solutions of Energy Distribution and controls

About Hager Group

Hager Group is an independent, family-owned company and a leading supplier of systems, solutions and services for electrical installations. The range of solutions and services runs from energy distribution through wiring accessories to building automation and security systems – the field of application ranges from residential through commercial real estate to industrial plants.

Hager Group has a total of 11,200 employees, has sales offices in more than 55 countries and has 20 production sites worldwide. In 2010 the group generated a turnover of 1.42 billion euros.

About ELCOM

Founded in 1976, this German company is today renowned as a specialist for modern communications systems and creative entryway design. This includes professional intercoms, door communication systems and letter boxes for architects, installers and building owners.

From single and multi-family houses, offices, commercial buildings and housing complexes to retirement homes, ELCOM offers appropriate solutions of all sizes.
Today, ELCOM, with approx. 70 employees at its 2 locations in Germany and Valsad in India, generates an annual turnover of 10 million euros.

About ELCOM India

A joint-venture between ELCOM GmbH & Co. KG (51%) and Mr. Prasad Gangavkar (49%), ELCOM Door Communications (I) Pvt. Ltd. has been set up in 1996 and is today renowned as specialist for high-quality door phone security systems in India. With more than 25000 users and a countrywide dealer network, ELCOM India offers customized Door Phone solutions for buildings and residential complexes.