Legrand to float

Private equity- backed French electrical goods company Legrand is to IPO on the French stock exchange. Legrand filed its Document de Base with the Autorité des Marchés Financiers (AMF) on February 21, 2006. The proposed IPO on Euronext Paris is subject to obtaining the AMF’s approval of the company’s prospectus, once filed, and subject to market conditions.

Gilles Schnepp, vice chairman and chief executive officer of Legrand, said: “By filing its Document de Base with the AMF, Legrand is preparing to launch a new chapter in its development though its proposed initial public offering. In this connection, Legrand expects to pursue its strategy for growth through the regular launch of new products, innovation and the strengthening of its presence in high growth markets. At the same time, Legrand will continue to carefully manage its capital employed and profitability in order to increase its cash flow generation at a vigorous pace and fund the group’s development while reducing its debt.”

Wendel Investissement and Kohlberg Kravis Roberts & Co’s €4.9bn buyout of Legrand from Schneider in 2002 was at the time one of the largest in France.