WEG (WEGE3) announced on Tuesday (14) that it has signed a contract for the acquisition of 100% of the share capital of Balteau Produtos Elétricos, a company of transformers for measuring instruments and sets, located in the municipality of Itajubá, state of Minas Gerais .
“A traditional company in its sector with operations in Brazil for many years, Balteau has an industrial park of 11,800 m² of built-up area and has state-of-the-art equipment and installations. With a team of approximately 350 employees, the company is specialized in design, manufacturing, electrical testing and technical assistance for current and capacitive potential transformers up to 550kV, inductive potential transformers up to 145kV and measurement sets up to 36kV, products that WEG does not currently have it in his portfolio. In 2020, its net revenue was R$121.7 million”.
WEG informs that the consolidation of the transaction is subject to the fulfillment of certain conditions precedent, among which the approval by the Administrative Council for Economic Defense (Cade).
The company clarifies that this acquisition will not give shareholders the right to withdraw, as it does not fit into any of the cases provided for in article 256 of Law 6,404/76, amended by Law 10,303/01. The amount paid in said acquisition does not represent a relevant investment for the acquirer, nor does the average price of each share configure any of the hypotheses described in item II of the aforementioned article.
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