This acquisition follows the acquisition of Invensys Advanced Building Systems in 2005, and will be complementary with Schneider Electric's building automation platform, said the company. IBS generated revenues of $142 million for the fiscal year ended March 31, with operating profit of $20 million. The firm is a leading provider of building automation products and services.
According to Schneider Electric, the building automation and control systems market represents significant growth potential for the company. The acquisition of TAC in June 2003 enabled Schneider Electric to become a major player in this market.
Jean-Pascal Tricoire, chief executive officer of Schneider Electric, said, "IBS North America and Asia fits logically and naturally in our building automation platform. TAC and IBS teams will be joining forces to grow their business on a global scale and to bring increased benefits to their customers."
Publication date: 06/12/2006