November 7, 2019 / 7:41 AM / 3 months ago

France's Legrand posts higher quarterly profit, buys firms in U.S., China

Nov 7 (Reuters) - French industrial group Legrand announced two new acquisitions on Thursday after posting a 10% rise in nine-month adjusted operating profit boosted by double-digit sales growth.

The group, which acquired Universal Electric Corporation in the second quarter, said it had bought Connectrac, a U.S. firm specialising in over-floor power and data distribution, and Jobo Smartech, a Chinese firm providing connected hotel-room management systems.

Legrand, which designs, manufactures and distributes products and systems for electrical installations and information networks, has also confirmed its full-year guidance.

The company did not reveal the value of the deals but said the acquisitions would boost sales by 5% for the full-year 2019 while the adjusted operating margin would slip by 0.4 points.

Legrand’s adjusted operating profit stood at 998.5 million euros in the first nine months on sales of 4.89 billion, it said in a statement. ($1 = 0.9044 euros) (Reported by Camille Raynaud; Editing by Edmund Blair)

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