Rueil-Malmaison (France), May 15, 2014 –Schneider Electric SA announced today that it has accepted the binding offer from The Carlyle Group (NASDAQ:CG), and PAI partners SAS, which was received and announced on April 3, 2014, to acquire Custom Sensors & Technologies Inc. (“CST”), based on an enterprise value of $900m (approximately €650m). As part of the transaction, Schneider Electric will reinvest approximately $100m alongside Carlyle, PAI and CST management to own a shareholding of circa. 30% of CST. This offer has been accepted after consultation with the relevant works councils and trade unions.
CST is a specialist in sensing, control and motion products. Through its brands, BEI Kimco, BEI Sensors, BEI PSSC, Crouzet, Crydom, Kavlico, Newall and Systron Donner Inertial, CST offers customizable, reliable and efficient components for mission-critical systems in several industrial, transportation and aerospace end-markets.
The transaction is expected to close by the end of the year and is subject to various regulatory approvals.
About Schneider Electric
As a global specialist in energy management with operations in more than 100 countries, Schneider Electric offers integrated solutions across multiple market segments, including leadership positions in energy and infrastructure, industrial processes, building automation, and data centres/networks, as well as a broad presence in residential applications. Focused on making energy safe, reliable, efficient, productive and green, the company's 150,000 plus employees achieved sales of 24 billion euros in 2013, through an active commitment to help individuals and organizations “Make the most of their energy.”