Rueil-Malmaison (France), October 1, 2014 – Schneider Electric announces today that it has obtained all required regulatory approvals and subsequently finalized the sale of Custom Sensors & Technologies (“CST”) to The Carlyle Group (NASDAQ:CG), and PAI partners SAS. As part of the transaction, Schneider Electric has reinvested approximately $100m alongside Carlyle, PAI and CST management to own a shareholding of circa. 30% of CST.
CST is a specialist in designing and manufacturing sensing, control and motion products, addressing several industrial, transportation and aerospace end-markets. It generated revenues of approximately $600m in 2013.
The disposal is consistent with the Group's practice to regularly review its strategic portfolio and focus on energy management and efficiency technologies, integrating complementary power and automation offerings. CST had limited synergies with other businesses of Schneider Electric.
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, efficient, productive and green, the company's 150,000 plus employees achieved sales of 24 billion euros in 2013, through an active commitment to help individuals and organizations “Make the most of their energy.”