Schneider Electric Buys Thomson-CSF's Crouzet, Swiss Positec

ByBridgeNews French electrical distribution and automation group Schneider Electric SA announced Oct. 10 that it is buying automation components group Crouzet-Automatismes from French aerospace group Thomson-CSF, as well as Positec, the automation technology division of Switzerland's SIG Schweitz Industrie Holding. The Crouzet transaction is valued at around 235 million euros (US$270 million), while financial details of the Positec deal were not disclosed. Schneider said the two acquisitions fit within the company's growth strategy, which aims to expand the range of products available to its clients. Management and employees' unions at both Schneider and Thomson-CSF agreed to the Crouzet acquisition on Aug. 29, while the agreement with SIG on the Positec sale was only recently concluded, the company said.