Schneider Electric has agreed to acquire Power Measurement Inc. (PMI, Victoria, BC, Canada), owned by a consortium led by GFI Energy Ventures LLC. Power Measurement is a leading designer, manufacturer and provider of Enterprise Energy Management intelligent systems for energy suppliers, service providers and large energy consumers.
Schneider Electric Executive Vice President of the North American Operating Division Dave Petratis commented, "This acquisition of a focused and well-managed company fits perfectly with our strategy of developing new businesses with high-growth potential and reinforcing our service offering capability. PMI enlarges Schneider Electric's product offering in intelligent energy systems and will benefit from our global reach to expand its international presence and to sustain its launch of ground-breaking intelligent new products called for by our customers."
Power Measurement President and CEO Brad Forth added, "We look forward to joining the Schneider Electric team. We have a great deal of respect for the organization and its vision."
Subject to regulatory approvals, Schneider Electric will acquire 100% of Power Measurement shares. The transaction should be completed in the second quarter of 2005.
