Schneider Electric to Acquire ABS EMEA
Building automation is one of the growth platforms on which Schneider Electric has been focusing, says the company. The acquisition of TAC in June 2003 enabled the company to become a major competitor in building automation. The subsequent merger between TAC and Andover Controls, acquired in June 2004, further reinforced Schneider Electric's position, notably in the U.S. market.
The ABS EMEA business will be integrated with the new entity Tour Andover Controls (TAC). Henri Lachmann, chairman and chief executive officer of Schneider Electric, said, "This acquisition fits very well with our strategy to continue to develop high-growth potential platforms. It will bring us an expanded installed base and additional offering capabilities, notably in peripherals. The complementary fit between Tour Andover Controls and ABS EMEA is strong in terms of solutions and geographic coverage."