Schneider Electric said it has identified building automation as one of the new growth platforms it plans to develop in strategically related activities, noting it has high growth potential. The company's 2003 purchase of TAC enabled Schneider to enter the building automation field.

Schneider Electric will pay $403 million in cash to acquire 100 percent of Andover Controls' shares (subject to regulatory approvals).

Publication date: 06/07/2004