Schneider Electric to Acquire Asco Power Technologies For $1.25 Billion -- Update
27 Luglio 2017 - 1:22PM
Dow Jones News
By William Horobin and Nick Kostov
PARIS--Power-equipment supplier Schneider Electric (SU.FR) will
buy automatic transfer switch maker Asco Power Technologies for
$1.25 billion, opening up U.S. markets for the French company
supplying critical buildings like hospitals and data centers.
Schneider Electric had stepped back from making major
acquisitions since buying industrial automation and software
business Invensys PLC in 2013. But the company is seeking to
bolster its position in switch technologies across geographies.
"This is a big bolt-on acquisition that fits into Schneider's
range," Schneider Electric chief executive Jean-Pascal Tricoire
said in an interview with the Wall Street Journal.
Schneider Electric already produces the Automatic Transfer
Switches, which shift between multiple power sources including
security back-ups and renewable sources, for other markets. The
switches made by Asco Power Technologies are specific to
regulations and power voltages in the U.S.
"Asco brings to Schneider Electric a well-recognized brand in
North America, a strong level of know-how, prescription skills and
network and a diversified customer base," Mr. Tricoire said in a
statement.
Asco, founded in Baltimore, currently employs around 2,000
people, mainly in North America, and has been operating as an
autonomous part of data center infrastructure provider Vertiv,
formerly known as Emerson Network Power. It posted revenue of $468
million last year with an adjusted Ebitda margin for earnings
before interest, depreciation and amortization of close to 23%.
The all cash-deal is expected to close towards the end of
2017.
Write to William Horobin at william.horobin@wsj.com and Nick
Kostov at nick.kostov@wsj.com
(END) Dow Jones Newswires
July 27, 2017 07:07 ET (11:07 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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