Schneider Electric acquiring Power Measurement
Rueil-Malmaison, France—Schneider Electric has agreed to acquire Canada-based Power Measurement Inc. (PMI) from a consortium led by GFI Energy Ventures LLC. PMI provides enterprise energy management systems for energy suppliers, service providers, and large energy consumers.
Rueil-Malmaison, France— Schneider Electric has agreed to acquire Canada-based Power Measurement Inc. (PMI) from a consortium led by GFI Energy Ventures LLC. PMI provides enterprise energy management systems for energy suppliers, service providers, and large energy consumers. It manufactures these systems by integrating hardware, software, and professional services, which enable users to optimize their energy needs. Schneider plans to acquire all of PMI’s shares, pending regulatory approval. The transaction should be completed in 2005’s second quarter.
Schneider adds that PMI has achieved strong, sustained revenue growth during over the past 10 years, maintains consistently high operating margins, and has strong cash conversion. PMI's service-driven strategy reportedly will enable it to accelerate its growth and operating performance. It had sales of $57 million in 2004.
'This acquisition of a focused and well managed company fits perfectly with our strategy of developing new businesses with high growth potential and reinforcing our service offering capability,” says Dave Petratis, executive VP of Schneider’s North American division. “PMI enlarges Schneider Electric's product offering in intelligent energy systems, and will benefit from our global reach to expand its international presence, and to sustain its launch of groundbreaking intelligent new products called for by our customers.'
Brad Forth, PMI’s pesident and CEO, adds that, 'We look forward to joining the Schneider Electric team. We have a great deal of respect for the organization and its vision.'
Control Engineering Daily News Desk
Jim Montague, news editor
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