Schneider Electric has agreed to acquire Canadian-based Power Measurement, Inc, owned by a consortium led by GFI Energy Ventures LLC. PMI is a leading designer, manufacturer and provider of enterprise energy intelligent systems for energy suppliers, service providers and large energy consumers. PMI had sales of $57 million in 2004.
PMI is a leader in offering energy suppliers and consumers complete enterprise energy management systems through the integration of hardware, software and professional services, enabling clients to optimize their energy needs. PMI has a large and diversified global customer base across multiple sectors.
PMI has achieved strong sustained revenue growth over the past 10 years, consistently high operating margins, and has demonstrated a proven track record for strong cash conversion. PMI's service-driven strategy will enable it to accelerate its growth profile and operating performance.
Dave Petratis, Executive Vice President, Schneider Electric North American Operating Division commented, "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. 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 ground-breaking intelligent new products called for by our customers." Brad Forth, President and CEO, PMI, added, "We look forward to joining the Schneider Electric team. We have a great deal of respect for the organization and its vision."
Subject to regulatory approvals, Schneider Electric will acquire 100% of Power Measurement, Inc. shares. The transaction should be completed in the second quarter of 2005.
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