Divestiture of Computing Solutions

Steinhausen, March 31, 2009 – With the divestiture of its US based Computing Solutions Business Unit, the Carlo Gavazzi Group will now focus on its core activity, Automation Components, in line with its strategy which has been announced earlier. Substantially all of the assets and liabilities of Computing Solutions have been sold to the Austrian company System Industrie Electronic AG (S.I.E.), headquartered in Lustenau, for a total cash consideration of EUR 5.75 million. This transaction is not expected to produce any material gain or loss and will close by latest April 6, 2009. At the same time the operational responsibility for Computing Solutions will be taken over by the acquirer. S.I.E. is active in embedded computing, i.e. professional computer hardware and dedicated services. The financial result of Carlo Gavazzi Holding AG for the year 2008/09 will be negatively impacted by the requirement to write-off goodwill attached to the business unit in the amount of USD 4.7 million.

For more information on Divestiture of Computing Solutions talk to Carlo Gavazzi Uk Ltd