Schneider Electric has boosted its building automation business with the acquisition of Andover Controls from Balfour Beatty.
The US$403 million cash purchase represents the latest in a series of medium-sized buyouts completed by Schneider since the blocking by the European Commission of its 5.4 billion euros bid for Legrand.

This latest purchase is not likely to be the end of Schneider's spending spree. Chief executive Henri Lachmann confirms that the company has a further 3-5 billion euros to spend on acquisitions over the next three years.

Balfour Beatty chief executive Mike Welton revealed that strong international competition and consolidation in the US building controls market had prompted the decision to sell the automation arm.

Source

Electrical and Mechanical Contractor