Schneider Electric acquires five US companies in 18 months
Schneider Electric has finalized the acquisition of Veris Industries Inc, a Portland, Oregon-based company that makes energy automation sensors. This is the Company’s fifth acquisition in the US since the North American Division set up a dedicated Growth and Acquisitions team 18 months ago. Veris has 85 employees, recorded sales of $13 million in 1998, and enjoys annual sales growth of 40%.
Other companies acquired since January 1998:
> Power Distribution Services Inc. (Cincinnati, Ohio), acquired by Square D Company on June 9, 1998. PDS has 155 employees and recorded sales of $24 million in 1997. It supplies services and solutions for the electrical distribution market. Chairman and CEO William McCloy has been appointed Vice-Chairman and CEO of the new subsidiary.
> Gentle Power Services (Raleigh, North Carolina), acquired by PDS on October 6, 1998. This small electrical distribution company is now PDS’ branch in Raleigh, with Chairman and founder Jerry Gentle at the helm.
> Electrical Repair & Manufacturing (Merrillville, Indiana), acquired by PDS on December 1, 1998. The company’s units in Merrillville, Indiana and Appleton, Wisconsin are now PDS subsidiaries. They are headed by the two founders, Dean Klinger and Henry Oppermann.
> Electrical Switchgear Inc. (Saint Louis, Missouri), acquired by PDS on April 30, 1999. This small electrical distribution specialist is now PDS’ branch in Saint Louis. Chairman and founder Valerie Taylor has been appointed to head the unit.