COMPANY MERGER WORTH $296 MILLION
Schneider Electric, parent company of TAC, has completed the $296 million acquisition of Invensys Building Systems (IBS), a division of Invensys Controls. IBS will merge with TAC, a world leader in building automation, security systems and energy solutions. This follows the merger with Invensys ABS EMEA in 2005; revenues for the combined company are forecasted to exceed US $1.3 billion in 2006. The combination of TAC and IBS will have a positive impact on their customers, who will benefit from greatly from this merger.
“This acquisition is a key part of Schneider and TAC’s growth strategy, and the combination of TAC and IBS brings a formidable player to the market,” said Arne Frank, chairman and chief executive officer of TAC. “The merger expands TAC’s distribution capability in North America and Asia, and takes the Schneider Electric building automation platform to a new scale. We also believe IBS’s installed base, independent field offices, customer relationships, product portfolio, employees and core competencies bring important value to TAC.”