Schneider Electric finalizes the sale of the Appliance division of Invensys
June 19, 2014 – Schneider Electric announced today that it has obtained all required regulatory approvals and subsequently finalized the sale of the Invensys Appliance division, which will be renamed Robertshaw Controls Company, to an affiliate of Sun European Partners, LLP. The transaction is worth £150 million ($277 million).
The disposal followed a strategic review of the Appliance division that concluded the unit was not a core business to Schneider Electric. The Appliance division is one of the world’s largest suppliers of components and systems that control the operation of appliances, in both residential and commercial sectors. In the financial year ended March 31, 2013, the division recorded an operating profit before exceptional items of £8 million ($14.8 million) on revenues of £331 million ($611 million), net of inter-company transactions.
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