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INVENSYS SELLS ADVANCED BUILDING SYSTEMS EMEA FOR US$150 MILLION
08 June 2005 - Invensys plc
| Invensys plc announces that it has signed an agreement to sell the majority of its Advanced Building Systems operations in Europe and the Middle East to Schneider Electric SA of France for a gross cash consideration of £81(1) million. |
This disposal follows the Group's previously stated intention of exiting the contracting and services part of its building management systems operations within its Controls business and focussing instead on becoming a key supplier of products and systems to the BMS industry. The ABS operations in the rest of the world, which are headquartered in Rockford, IL, will be working in partnership with the buyer to sell ABS products and services into EMEA territories. ABS EMEA is the leading provider of BMS in the UK under the Satchwell brand name and has a strong presence across the rest of Europe and the Middle East. The transaction includes Satchwell in the UK, Atmostech in Finland, Controlli in Italy, Messner in Germany and a number of other businesses operating under the Satchwell name across Europe and Middle East. In the year ended 31 March 2005, the ABS EMEA businesses being disposed of reported sales of £94 million and operating profit(2) of £5 million. The net operating assets of these businesses at 31 March 2005 were £25 million. Of the £94 million of divested revenue, £68 million was contracting & services and £26 million related to products. The ABS operations in the rest of the world had sales of £130 million. The transaction is subject to customary regulatory approvals and is expected to complete by the end of July. Proceeds from this disposal will be applied towards satisfying the Group's liabilities. Ulf Henriksson, Chief Executive Designate of Invensys plc, commented: "This is a deal that makes sense strategically for both Invensys Controls and its subsidiary ABS business. It also makes sense financially."
http://www.invensys.com
About: Invensys plc
Invensys is a global automation, controls and process solutions Group. We empower you to increase productivity, reduce waste, remove cost from your supply chain, boost profitability and demonstrate measurable improvement in your company's overall performance.
As a global leader in resource productivity, Invensys offers products and services, expertise, and technologies that enable you to maximize return on investments, conserve resources and optimize performance across your value chain.Operating in more than 60 countries worldwide, Invensys meets the needs of the process and batch industries - from oil & gas, powerand utilities, chemicals, and rail systems to food & beverage, healthcare, and data communications - as well as the discrete and hybrid manufacturing sectors, and provides components, systems and services to the heating management, commercial refrigeration, residential safety and automotive industries, and electronic and electro-mechanical systems and components to appliance and related industries. Not only do we help improve your bottom line, by enabling you to manage your assets more efficiently, but we also help you to protect the environment. As the result of our efforts, we have been awarded the prestigious Energy Star Label by the United States Environmental Protection Agency (EPA). Taking an integrated strategic approach to increasing your productivity, we enable you to increase output from your existing plants and technology investments, provide you with solutions that create more efficiencies in your supply chain, and increase performance at every level. From the production line to executive offices, from customer relationship and procurement management to distribution logistics, we can help you improve productivity, optimize performance, and increase profitability. |
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