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Toshiba Expands into Brazilian Air Insulated Switchgear Market by Acquiring Camargo Corrêa Equipamentos e Sistemas S.A.

-Consolidation of Brazilian company aimed at enhancing global transmission and distribution systems business-
2 Dec, 2008

TOKYO--Toshiba Corporation (TOKYO: 6502), a leading global supplier of transmission and distribution (T&D) systems and related equipment, today announced that it has acquired Camargo Corrêa Equipamentos e Sistemas S.A. (CCES), which manufactures and sells air insulated switchgear (AIS) and provides full turnkey construction of AIS substations, from Construções e Comércio Camargo Corrêa S.A. (CCCC), a leading Brazilian engineering and construction company. Negotiations between the two companies commenced at the beginning of the year and culminated in the December 1 closing of the transaction.  The acquisition will allow Toshiba to enter the Brazilian AIS market, advancing Toshiba's strategy of reinforcing and expanding its T&D systems business in the global market.

Based in Curitiba, Paraná State, CCES is one of Brazil's largest manufacturers of AIS and key components, including porcelain gas circuit breakers and disconnecting switches. The company is also active in full turnkey construction of AIS substations.

In Brazil, Toshiba already manufactures transformers at Toshiba Transmission and Distribution of Brazil Ltd. (TTDB), in Minas Gerais. Combining Toshiba's T&D technologies, including TTDB's highly competitive and reliable manufacturing capabilities in transformers, with CCES' capabilities will allow Toshiba to significantly enhance its total support to customers in Brazil.

On completion of the acquisition, CCES changed its name to Toshiba Transmission and Distribution Systems Brazil Ltd. (TSTB).

As construction of power plants continues to expand to meet growing global demand, investment in T&D systems grows in parallel. AIS switchgear predominates in electric power substations worldwide, and the global AIS substation equipment, construction and maintenance market is forecast to record annual growth of 7% and to reach US$26 billion in 2010. Toshiba is promoting a proactive strategy of expansion of its T&D business at the global level in order to meet this growing demand.

Outline of TSTB

Name: Toshiba Transmission and Distribution Systems Brazil Ltd.
Representative: Atsushi Masuda
Capital: BRL42 million (approximately US$18 million)
Established: December 1, 2008
Location: Curitiba, Paraná State, Brazil
Employees: Approximately 430
Business: Full turnkey engineering of AIS substations and manufacturing and sales of components for AIS, including porcelain gas circuit breakers and disconnecting switches

Outline of CCCC

Name: Construções e Comércio Camargo Corrêa S.A.
Chairman: Antonio Miguel Marques
Established: 1939
Location: Sao Paulo, Sao Paulo State, Brazil
Employees: Approximately 50,000
Business: Engineering and construction of buildings, social infrastructure, including roads, power plants and subways

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Information in the press releases, including product prices and specifications, content of services and contact information, is current on the date of the press announcement, but is subject to change without prior notice.

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