HVAC Breaking News

May 28, 2004: Schneider Electric Acquires Andover Controls

RUEIL-MALMAISON, France - Schneider Electric has announced the acquisition of U.S.-based Andover Controls Corporation, a Balfour Beatty company. Andover Controls is a building automation and security business, with sales of $169 million in 2003.

According to Schneider Electric, the acquisition will strengthen its position in building automation while expanding its capabilities in security. The June 2003 acquisition of TAC established Schneider Electric in the building automation market. The addition of Andover Controls will further reinforce its position in the U.S. market and in the field of integrated systems, says the company.

Henri Lachmann, chairman and CEO of Schneider Electric, commented, "This acquisition of a focused and very well managed company in building automation and security fits perfectly with our strategy of developing our new growth platforms. Andover Controls will bring us a new dimension, notably in the U.S., with a strong reputation, a large installed base, and a high quality offering."

Publication date: 05/24/2004

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