Approval obtained and sale finalized of Schneider Electric's Appliance division of Invensys.
June 20, 2014
by Canadian Packaging Staff
Rueil-Malmaison, France—Schneider Electric announces that as of June 19, 2014, it has obtained all required regulatory approvals and subsequently finalized the sale of the Invensys Appliance division, which will be renamed Robertshaw Controls Company, to an affiliate of Sun European Partners, LLP. The transaction is worth £150 million (~ Cdn $275-million).
The disposal followed a strategic review of the Appliance division that concluded the unit was not a core business to Schneider Electric. The Appliance division is one of the world’s largest suppliers of components and systems that control the operation of appliances, including cooking, refrigeration, laundry and dishwashing, in both residential and commercial sectors.
In the financial year ended March 31, 2013, the division recorded an operating profit before exceptional items of £8-million (~Cdn $14.6-million) on revenues of £331-million (~ Cdn $605.6-million), net of intercompany transactions.
About Schneider Electric
As a global specialist in energy management with operations in more than 100 countries, Schneider Electric offers integrated solutions across multiple market segments, including leadership positions in energy and infrastructure, industrial processes, building automation, and data centers/networks, as well as a broad presence in residential applications. Focused on making energy safe, reliable, efficient, productive and green, the company’s 150,000 plus employees achieved sales of €24-billion (~ Cdn $35-billion) in 2013, through an active commitment to help individuals and organizations “Make the most of their energy.”
For more information, visit www.schneider-electric.com.