Sale of Invensys Building SystemsPosted 24 May 2006
Sale of Invensys Building Systems
Invensys plc announces that it has signed an agreement for the sale of its Invensys Building Systems (formerly Advanced Building Systems) operations in the USA and Asia Pacific (IBS) to Schneider Electric SA for a gross cash consideration of $296 million (£157 million1). IBS is a leading supplier of building management systems.
In the year ended 31 March 2006, IBS had revenue of £73 million and operating profit2 of £11 million; the gross assets of IBS at 31 March 2006 were £48 million and net operating assets were £32 million, including goodwill of £8 million. The transaction is subject to customary regulatory approvals and is expected to complete by the end of July 2006. The proceeds from this disposal will be applied towards satisfying the group’s liabilities.
Invensys plc will be announcing its preliminary results for the year ended 31 March 2006 tomorrow.
Invensys plc Steve Devany tel: +44 (0) 20 7821 3758
Maitland Emma Burdett/Michelle Jeffery tel: +44 (0) 20 7379 5151