France-based electrical manufacturer Legrand reported sales for the first half of 2008 were up 3.4% from the same period last year. Profit was up 19%.
 
In the U.S. and Canada, sales were down 4.1%. In France sales rose 2.6%. Italy says rose 3.2%. In the rest of Europe, sales were up 2.1%, with firm growth in Eastern Europe, particularly Russia and Romania.
 
Sales growth was in the double digits in China, Thailand, Brazil and Chile. It topped 30% in India, Egypt and Peru.
 
Legrand's performance in the first half of 2008 further illustrates our resilience and capacity to keep step with change. Amid difficult economic conditions, we reported growth in sales excluding currency effects of close to 7% and achieved margins on a par with those for the first half of 2007," Gilles Schnepp, CEO, said.
 
Several factors offset the economic slowdown in developed countries. They include strong organic growth in emerging markets and strong results on new, high-growth segments — power distribution, wire-mesh cable management, VDI/datacom networks and energy efficiency, according to Legrand.
 
Acquisition-driven growth is brisk, with four self-financed transactions since the beginning of the year. Businesses acquired are expected to add more than 4% to Legrand's sales over 2008 as a whole.