Invensys sells Lambda for $235 million
London, U.K.—Invensys plc reports it’s selling its Lambda businesses to Japan-based TDK Corp. for approximately $235 million in cash.
London, U.K.— Invensys plc reports it’s selling its Lambda businesses to Japan-based TDK Corp. for approximately $235 million in cash. Lambda includes operations in Europe and North America, as well as a 58.2% interest in Densei-Lambda KK, which is listed on the Tokyo Stock Exchange. Lambda manufactures power supplies and uninterruptible power supply systems, which are used in the supply, regulation, and distribution of electrical power.
The transaction is subject to customary regulatory approvals, and is expected to close on or before Sept. 30, 2005. Invensys plans to use proceeds from selling Lambda to pay its liabilities.
For the fiscal year that ended on March 31, 2005, Lambda had sales ofccounts also contained a minority interest charge of £2 million and balance sheet minority interests of £65 million related to Densei-Lambda.
ow under its ownership.'
Invensys also reports that its overall profit performance during the first quarter of the current financial year was in line with expectations and ahead of the same period last year. For example, its Process Systems division reportedly increased profitability due to its performance improvement program. Also, its Eurotherm division was in line with last year, while its APV division improved from the disappointing result in last year’s first quarter, though further operational efficiencies remain to be achieved. Finally, the firm’s Controls division reportedly had a weaker first quarter than the year before because of manufacturing problems in North America and a changing competitive environment in the white goods sector.
Control Engineering Daily News Desk
Jim Montague, news editor