Rueil-Malmaison (France), March 5, 2010 - Schneider Electric announced today that it has signed an agreement with Zicom Electronic Security Systems Limited to acquire the assets of their electronic security systems integration business, namely the Building Solutions Group and the Special Projects Group. The business recorded revenues of approx. €30 million in fiscal 2009 and has a headcount of about 200. The transaction excludes Zicom's other group companies, such as the retail business and Dubai-based joint-venture.
Zicom is the largest independent electronic security systems integrator in India. It has completed to date more than 1,000 projects in infrastructure (city surveillance, railways, airports etc.), government facilities, commercial buildings and high-end hotels where its enjoys strong market positions.
Chris Curtis, Executive Vice-President, Buildings Business, commented: "By combining Schneider Electric's complete solution offerings, including Pelco's world leading video security offers, with the strong execution capabilities, deep market knowledge and impressive customer reach of Zicom, we expect to attain leadership in India for fully integrated building management systems. In parallel, we will keep serving with great dedication our system integrator pertners in India."
Olivier Blum, Country President, Schneider Electric India, commented: "This acquisition reaffirms our ambition in India and represents another major milestone after the robust development of the past years and the integration in 2009 of Conzerv Systems and Meher Capacitors, leaders in energy efficiency. Security and energy management are among India's top challenges and fastest growing markets. After the transaction, Schneider Electric will be in an even stronger position to capture these opportunities with the support of its 8,000 employees."
The completion of the transaction, subject to conditions precedent and Zicom shareholders' approval, is expected to occur in April 2010. 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 100,000 plus employees achieved sales of 15.8 billion euros in 2009, through an active commitment to help individuals and organizations “Make the most of their energy.”