Malmö, Sweden - November 24, 2004 - Schneider Electric announced today, through its subsidiary TAC/Tour Andover Controls, the acquisition of Abacus Engineered Systems, a U.S.-based leading provider of facility energy and engineering solutions, with sales of approximately $30 million in 2003 and 86 employees.
Since 1985, Abacus Engineered Systems has played a key role in helping customers maximize their facility's comfort and efficiency. Its goal is to develop custom solutions that lower operating costs and improve safety and environment. Abacus provides complete building analysis, design and post-construction services from its Seattle headquarters as well as its offices in New York, Pennsylvania, Oregon, Virginia, Massachusetts, and Arizona, and specializes in ensuring facilities operate efficiently.
In 2004, Frost & Sullivan recognized Abacus as the high performance leader in energy services and ASHRAE (American Society of Heating, Refrigerating and Air-Conditioning Engineers) honored Abacus with technology award. More information is available on (www.abacus-engr.com).
Both Abacus and TAC Americas Energy Solutions division deliver energy performance and engineering solutions to education, state and local governments, health facilities, the telecommunications industry, and the military. TAC Americas Energy Solutions has a strong market presence in the Southwest, Midwest, and the Southeast United States that is very complementary to the positions of Abacus in the Northwest, Mid-Atlantic, and Northeast regions. Abacus will be merged into TAC Americas Energy Solutions division.
“Combining Abacus and TAC Americas Energy Solutions creates the fastest-growing and most innovative company in the energy performance industry,” said Arne Frank, chairman and CEO of TAC/Tour Andover Controls. “Both companies share a commitment to delivering topnotch long-term solutions for managing their customers’ energy needs, enabled by their technical expertise and very strong experience. Abacus will benefit from the resources of TAC and Schneider Electric, while TAC will gain from the engineering and marketing expertise of Abacus.”
More information is available on the Internet at (www.tac.com), (www.andovercontrols.com), and (www.schneider-electric.com.)
About TAC/Tour Andover Controls
TAC’s parent company, Schneider Electric, is the world’s leading specialist in power and control. With the acquisition of Andover Controls by Schneider Electric in August 2004, TAC and Andover have combined to create the foundation for Schneider Electric’s growth platform in the building automation industry. Together, Andover Controls and TAC provide added value through building services for indoor climate, security and use of energy, delivered with advanced technology and integrated solutions for building IT. The new combined company, Tour Andover Controls, has 2,700 employees worldwide and projected revenue of $700 million for 2004. More information is available on the Internet at (www.tac.com), (www.andovercontrols.com), and (www.schneider-electric.com). TAC Vista® and Open Systems for Building IT® are registered trademarks owned by TAC AB.