The market of building automation and control systems represents significant growth potential for Schneider Electric. The acquisition of TAC in June 2003 enabled Schneider Electric to become a major player in building automation. The subsequent merger between TAC and Andover Controls, acquired in July 2004, and the acquisition of ABS EMEA in July 2005, further re-enforced Schneider Electric's position, both in Europe and in the US. The IBS acquisition will bring significant revenue and cost synergies, renowned brands, leading distribution channels and an experienced management team. IBS will significantly enlarge TAC's installed base, expand its distribution capability in North America and Asia and bring the Schneider Electric Building Automation platform to a new scale.
IBS' acquisition fits perfectly with Schneider Electric's growth strategy developed over the last three years. Jean-Pascal Tricoire, CEO of Schneider Electric, commented: "IBS North America and Asia fits logically and naturally in our building automation platform. TAC and IBS teams will be joining forces to grow their business on a global scale, and to bring increased benefits to their customers."