France-based electrical distributor Legrand reported sales of €3.2 billion (US$4.1 billion) for the first nine months of 2008, up 2.9% from the first nine months of 2007. Profit, excluding minority interests, was €292.5 million (US$373.1 million), down 2% from the prior year.
 
In the U.S. and Canada, sales were down 3.5%. Sales in France and Italy rose slightly by 0.4% and 0.9% respectively. Sales in the rest of Europe increased 0.4%, with strong activity in Eastern Europe offsetting steep declines in the Spanish market and an overall slowdown in residential business.
 
Latin American and Africa/Middle East experienced sales growth of 10.8%. Emerging economies confirmed their role as a growth driver, representing nearly 28% of group total sales.
 
Legrand pursued its policy of targeted acquisitions financed out of cash flow, purchasing four companies in the first half of the year. These strengthened group positions in emerging markets, with HDL in Brazil and Estap in Turkey; and in commercial and industrial applications, with Electrak and PW Industries, both specialized in cable management. Consolidation of acquisitions is set to boost full-year sales by around 4%.