Company also awarded multi-year contract with the FAA
Schneider Electric recently agreed to acquire Canadian-based Power Meaurement, Inc. (PMI), a designer, manufacturer, and provider of enterprise energy intelligent systems for energy suppliers, service providers, and large energy consumers. The deal is subject to regulatory approvals, but the company stands to acquire 100% of PMI shares. The transaction should be completed by the second quarter of 2005.
Schneider was also recently awarded a multi-year contract with the Federal Aviation Administration for critical power solutions at air traffic control centers, administrative offices, and terminal radar approach control facilities. The two-year contract includes an option for three additional two-year agreements and has a total potential value of $50 million for the company.