Industrial automation and power systems manufacturer Schneider Electric SA said March 24 it will acquire outsourced energy management provider Summit Energy Services Inc. for $268 million.
The move allows France-based Schneider Electric to expand its energy management services and solutions portfolio as customers seek ways to manage their energy consumption through online reporting options, said Chris Curtis, Schneider Electric's senior executive vice president for North America.
Summit Energy is expected to generate sales of $65 million this year, according to Schneider Electric.
Summit Energy employs more than 350 people based in 11 offices in North America and Europe. The company serves client facilities in more than 90 countries.