Rueil-Malmaison (France), June 4, 2009 - Schneider Electric announced today that it has signed an agreement to acquire Conzerv Systems, the recognized market leader in energy efficiency in the Indian Market, serving industrial and commercial end-users in particular.
The company pioneered the design and manufacture of digital energy meters in India since the early nineties. Today, as the market leader with proven technologies and solutions for energy audits & energy management systems, it generates sales in excess of € 10 million and employs 337 people.
With this acquisition, Schneider Electric will significantly reinforce its position to capture opportunities in the fast growing energy efficiency field in India. Conzerv products will also further complete Schneider Electric’s offering in power monitoring for its international markets.
Russell Stocker, Executive Vice-President of Schneider Electric’s Asia-Pacific Operating Division commented: “Together with Conzerv, we now have in India a unique energy efficiency portfolio comprising of audit and measure, active remediation, and monitoring. We are very excited as the combination of products, technologies, channels, markets, and above all talent will transform us into a formidable force in the energy efficiency arena in India and further accelerate our development in this area”.
Ms. Hema Hattangady, Vice Chairman & CEO, Conzerv added: “We feel delighted and proud to become part of the Schneider Electric family. Teaming up with Schneider Electric will help us to complete our India vision and expand the reach of our offer by leveraging Schneider Electric’s presence across the globe.”
The completion of the transaction, subject to conditions precedent and approvals, is expected to occur soon. This acquisition meets Schneider Electric’s Return on Capital Employed criteria.
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 centres/networks, as well as a broad presence in residential applications. Focused on making energy safe, reliable, and efficient, the company's 114,000 employees achieved sales of more than 18.3 billion euros in 2008, through an active commitment to help individuals and organisations “make the most of their energy™”.
Conzerv Systems Pvt Ltd incorporated originally as Enercon Systems Pvt Ltd in 1988 revolutionized the digital metering industry with its range of metering products. Pioneering design, development, and implementation of energy management systems for industrial applications, Conzerv® today has grown into a 337 people strong, turnkey power management hub having one production facility in India, presence in four countries, and a sales & support network that spans the whole of India.