Altron: Powertech sells its half of Tridonic SA

Powertech, a subsidiary of Allied Electronics (Altron), had sold its half of the Tridonic South Africa joint venture to its business partner, Austria-based Tridonic Holding, Altron said yesterday. The transaction took effect on Saturday. Tridonic SA, a provider of intelligent lighting control and energy-efficiency lighting based in Jet Park, Johannesburg, had been a joint venture between Powertech and Tridonic Holding since 1993. Neil Kayton, the group executive for Altron’s power division, said that Altron had decided to end the relationship after a long and fruitful partnership, as part of a drive for efficiency and customer centricity, and to focus on its core business of power electronics. “We decided to sell our stake in Tridonic SA to our partners and enable them to expand their business in sub-Saharan Africa and dedicate our focus and funds on other areas of the business,” he said. Altron fell 3.07 percent to close at R23.01 on the JSE yesterday. – Asha Speckman