Rueil-Malmaison (France), February 5, 2014 – Schneider Electric announces today that it has signed an agreement for the sale of the Invensys Appliance division, which will be renamed Robertshaw Controls Company, to an affiliate of Sun European Partners, LLP.
The disposal follows a strategic review of the Appliance division that concluded the unit is not a core business to Schneider Electric. The Appliance division is one of the world’s largest suppliers of components and systems that control the operation of appliances, including cooking, refrigeration, laundry and dishwashing, in both residential and commercial sectors. In the financial year ended 31 March 2013, the division recorded an operating profit before exceptional items of £8 million on revenues of £331 million, net of intercompany transactions. The consideration for the transaction is £150 million.
This disposal will enable Schneider Electric to focus upon the divisions of Industrial Automation, Software and Energy Controls of Invensys that generated revenues of £1,461 million in the financial year ended 31 March 2013.
The agreement is conditional upon the satisfaction of certain regulatory conditions and customary closing conditions, and is expected to complete during the first semester of 2014.
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 Utilities & Infrastructure, Industries & Machines Manufacturers, Non-residential Building, Data Centres & Networks and in Residential. Focused on making energy safe, reliable, efficient, productive and green, the Group's 140,000 plus employees achieved sales of 24 billion euros in 2012, through an active commitment to help individuals and organizations make the most of their energy.