Invensys Finalizes Best Power AcquisitionJanuary 06, 2000 by Jeff Shepard
Invensys (Raleigh, NC) recently announced that it has completed the acquisition of Best Power (Necedah, WI) from SPX Corp. According to Invensys, the deal closed for 145 million pounds ($240 million) cash on a debt and cash free basis. Best Power will become part of Invensys Secure Power, an operating unit under Invensys Power Systems, a $2.5 billion division within Invensys plc.According to Invensys, the acquisition will combine the strengths of Powerware Corp., formerly Exide Electronics, and Best Power to create the most capable supplier of high-reliability power security systems in the world.John F. Paul, former president of Best Power, is now president of Invensys Secure Power, and will relocate to the Invensys Power Systems' headquarters in Raleigh, NC."We expect considerable business synergies as we integrate the operations of Best with our Powerware business," said Tom Gutierrez, Division Chief Executive of Invensys Power Systems. "I will work closely with John Paul to ensure a seamless transition. We will leverage the strengths of Best Power and Powerware to create a UPS business that exceeds our customers' expectations on a worldwide basis."