French firm agrees to a deal for Invensys

France's Schneider Electric is to buy industrial software firm Invensys for a 3.4 billion pound ($5.2 billion).

Schneider, which has 140,000 employees, has signaled plans to offload non-core divisions within Invensys, which develops technology for and other sectors. Invensys has 1,100 employees in Britain and the United States.

The deal must still be approved by shareholders.

Invensys chair Nigel Rudd says there was a "strong strategic fit" between the two companies. Jean-Pascal Tricoire, chairman and chief executive of Schneider said the combined business will provide new and larger growth opportunities for employees and customers.


Explore further

EU OKs $2.7bn Siemens takeover of UK rail firm

© 2013 The Associated Press. All rights reserved.

Citation: French firm agrees to a deal for Invensys (2013, August 1) retrieved 18 October 2019 from https://phys.org/news/2013-08-french-firm-invensys.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
0 shares

Feedback to editors

User comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more