Schneider Electric Acquires Andover Controls
Building automation is one of the new growth platforms identified by Schneider Electric as part of its strategy to develop in strategically-related activities with high growth potential. Andover Controls will considerably strengthen its positions, notably in the U.S. market and in the field of integrated systems.
Security is increasingly a major need of customers in the building market that Schneider Electric wants to address.
Subject to regulatory approvals, Schneider Electric will pay $403 million in cash to acquire 100 percent of Andover Controlsâ€™ shares, representing an enterprise value of $335 million and including a U.S. tax benefit of $68 million.