Schneider Electric, parent company of TAC, announces the
acquisition of Invensys Building Systems (IBS), a division
of Invensys Controls, for the sum of $296 million.
IBS will merge with TAC, a provider of building automation, security systems and energy solutions. This follows the merger with Invensys ABS EMEA in 2005. Revenues for the combined company are expected to exceed $1.3 billion this year.
“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,” says Arne Frank, chairman and CEO 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’ installed base, independent field offices, customer relationships, product portfolio, employees and core competencies bring important value to TAC.”
Because of the acquisition, TAC will offer additional lines of controllers, peripherals and field devices, including security products. The acquisition will enable the firm to provide a competitive, complete solution portfolio for its customers.
“IBS has more than 100 years of experience in the design, manufacture and installation of heating, ventilating and air conditioning (HVAC) control products and systems and, like TAC, is a leading provider of open, integrated building automation solutions and services,” says David Gill, vice president and general manager of IBS. “Moving forward, TAC will continue a product strategy that supports open integrated systems, backward compatibility, future adaptability, simplicity of engineering and operation, innovation, and a platform for extended services.”
