Rueil-Malmaison (France), January 21, 2010 - Schneider Electric announced today that it has signed an agreement to acquire Cimac, the leading systems integrator for industrial automation solutions in the Middle East Gulf region.
Cimac implements complete automation, control and electrical distribution solutions, primarily for Water-Waste Water and Oil & Gas customers. As Gulf market leader with proven technologies and know-how in implementing solutions, it employs over 400 people and generates sales in excess of €40 million.
With this acquisition, Schneider Electric will be able to capture new opportunities in the fast-growing automation market in UAE and across the Gulf countries, while offering geographical complementarities in other Middle East countries.
Michel Crochon, Executive Vice-President of Schneider Electric's Industry business, commented: "Together with Cimac, we are able to further extend our regional capabilities, providing complete automation and control solutions in line with our customers needs. We are very excited as the combination of technologies, channels, markets, and above all talent will transform us into a formidable force in the automation solutions arena of this key region of the world."
The closing of the transaction, subject to local authority 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 energyTM"