Schneider Electric acquires Conzerv Systems

Schneider Electric, the $20 billion global firm focussed on energy management has signed an agreement to acquire Bangalore-based Conzerv Systems, a company in energy efficiency in the Indian market. No transaction details were disclosed.
 
Conzerv has been active in the design and manufacture of digital energy meters in India since the early nineties and generates sales of around Rs 70 crore and has employed around 330 people. The company also offers solutions for energy audits & energy management systems
 
According to a statement from Schneider, this acquisition will reinforce its position to capture opportunities in the fast growing energy efficiency field in India. Conzerv products will also further complete Schneider Electric’s offering in power monitoring for its international markets.
 
Russell Stocker, Executive Vice-President of Schneider Electric’s Asia-Pacific Operating Division commented: “Together with Conzerv, we now have in India a portfolio comprising of audit and measure, active remediation, and monitoring. We are excited as the combination of products, technologies, channels, markets, and above all talent will accelerate our development in this area”.
 
Hema Hattangady, Vice Chairman & CEO, Conzerv added: “We feel delighted and proud to become part of the Schneider Electric family. Teaming up with Schneider Electric will help us to complete our India vision and expand the reach of our offer by leveraging Schneider Electric’s presence across the globe.”
 
The completion of the transaction, subject to conditions precedent and approvals, is expected to occur soon. This acquisition meets Schneider Electric’s Return on Capital Employed criteria.