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Schneider Electric to sell the Appliance division of Invensys

Schneider Electric has signed an agreement for the sale of the Invensys Appliance division, which will be renamed Robertshaw Controls Company, to an affiliate of Sun European Partners.

The disposal follows a strategic review of the Appliance division that concluded the unit is 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, including cooking, refrigeration, laundry and dishwashing, in both residential and commercial sectors.

In the financial year ended 31 March 2013, the division recorded an operating profit before exceptional items of £8 million on revenues of £331 million, net of intercompany transactions. The consideration for the transaction is £150 million.

This disposal will enable Schneider Electric to focus upon the divisions of Industrial Automation, Software and Energy Controls of Invensys that generated revenues of £1,461 million in the financial year ended 31 March 2013.

The agreement is expected to complete during the first semester of 2014.

[Image: Robertshaw Industrial Products]

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