Schneider Electric announced that it has signed an agreement to acquire Asco Power Technologies (ASCO) for a consideration of $1,250 million in an all cash transaction.
According to Schneider, the acquisition enhances its EcoStruxure Power Platform in key markets and segments.
ASCO employs 2,000 people, mainly in North America, and operates 7 manufacturing sites. ASCO, founded in Baltimore, has a history in Power Management first introducing ATS in 1925 and later expanding into surge, loadbanks and fire pump and control applications. ASCO’s products are sold under the brands of ASCO, Firetrol, Avtron and Froment. Since December 2016, ASCO has been operating as a autonomous part of Vertiv (formerly Emerson Network Power).
“ASCO brings to Schneider Electric a well-recognized brand in North America, a strong level of know-how, prescription skills and network and a diversified customer base," said Jean-Pascal Tricoire, chairman and CEO. "Its leading position in Automatic Transfer Switch in North America complements our current offer in power distribution equipment in North America and it reinforces Schneider Electric’s global leadership in energy management. With ASCO, we are enhancing our EcoStruxure Power management capabilities. This will help us to offer the most advanced solutions and technologies for critical buildings in a more decentralized world. A market with natural growth as more commercial and industrial customers move towards autonomous or multi-source energy management.”
The acquisition is subject to customary regulatory approvals and is expected to be closed by the end of 2017. Post deal closure, the ASCO business will form part of the Schneider Electric Building business (Low Voltage).
