Schneider Electric Acquires Power Measurement, Inc.
Schneider Electric has acquired Canadian-based Power Measurement, Inc. Power Measurement is a leading designer, manufacturer and provider of enterprise energy management systems for energy suppliers, service providers and energy consumers, and helps these customers optimize the delivery, measurement and consumption of electricity and electrically powered equipment and systems. The transaction will significantly expand Schneider Electric's capabilities in the growing power monitoring and energy efficiency fields.
Since its founding in 1983, Power Measurement has developed a solid reputation as a pioneer in energy technology, winning numerous awards including the Frost & Sullivan Award for Product Innovation and a Red Herring Top 100 Innovator award in 2004. It has achieved a strong growth track record, with an average growth of 18% over the period 1998-2004, and a consistently high operating margin above 19%.
Dave Petratis, executive vice president of Schneider Electric North American Operating Division commented, “This is a transaction focused on growth. The addition of Power Measurement to the Schneider Electric portfolio is a perfect complement to our existing, industry-leading power monitoring business. Their focus on supply-side customers and expertise in complementary demand-side offerings allows us to significantly expand our total energy efficiency target market.”
Brad Forth, President and CEO, Power Measurement added, “Power Measurement will benefit from Schneider Electric's global reach to expand its market presence and accelerate its launch of intelligent new products. Schneider Electric will benefit from additional technology and expertise in energy management applications. Schneider's staff is extremely accomplished and we are going to make a great team.”
Power Measurement operates out of two facilities in Victoria, British Columbia, which will be maintained by Schneider Electric. The companies have received all required regulatory approvals for the transaction.