Schneider Electric has agreed to acquire Victoria, Canada-based Power Measurement Inc. (PMI), owned by a consortium led by GFI Energy Ventures LLC. PMI, with $57 million in 2004 sales, designs, manufactures and provides enterprise energy intelligent systems for energy suppliers, service providers and large energy consumers.
Dave Petratis, executive vice president, Schneider Electric North American operating division, said, “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.”
Subject to regulatory approvals, Schneider Electric will acquire 100 percent of Power Measurement shares. The transaction should be completed in the second quarter of 2005.