"This acquisition is a key part of Schneider and TAC's growth strategy, and the combination of TAC and IBS brings a formidable player to the market," said Arne Frank, chairman and CEO of TAC. "The merger expands TAC's distribution capability in North America and Asia, and takes the Schneider Electric building automation platform to a new scale. We also believe IBS' installed base, independent field offices, customer relationships, product portfolio, employees, and core competencies bring important value to TAC."
The acquisition of IBS expands TAC into markets such as refrigeration, original equipment manufacturing, and wholesale. TAC will also offer additional branded and manufactured lines of controllers, peripherals and field devices, and security products.
"IBS has more than 100 years of experience in the design, manufacture, and installation of heating, ventilating, and air conditioning control products and systems," said David Gill, vice president and general manager of IBS. "Moving forward, TAC will continue a product strategy that supports open integrated systems, backward compatibility, future adaptability, simplicity of engineering and operation, innovation, and a platform for extended services."
Publication date: 08/21/2006