FRANCE: Schneider Electric is to sell the Invensys Appliance division, which includes the Ranco and Robertshaw brands, to an affiliate of private equity firm Sun European Partners.
The company will be renamed Robertshaw Controls.
Schneider announced a £3.4bn bid for Invensys, the UK-based controls and software business, in July, completing the acquisition on January 17.
According to Schneider, the disposal follows a strategic review of the Appliance division that concluded the unit is not a core business. The Appliance division is one of the world’s largest oem suppliers of appliance controls in both residential and commercial sectors. In the financial year ended March 31, 2013, the division recorded an operating profit of £8m on revenues of £331m. The consideration for the transaction is £150m.
Schneider Electric agrees deal to buy Invensys – July 31, 2013