Global energy management specialists Schneider Electric have bought Summit Energy Sevices for $268 million. Summit Energy deal in outsouced energy procurement and sustainability services to industrial, commercial and institutional enterprises.
Chris Curtis, Schneider Electric’s Senior Executive Vice President, North America, said: “The acquisition of Summit Energy allows Schneider Electric to broaden our energy management services and solution portfolio, offering customers the ability to manage and optimize their energy consumption from the supply side through the demand side, while also growing our energy and environmental online reporting capabilities.”
Summit Energy is expected to generate sales of approximately $65 million for the current year. In 2010 Schneider Electric, who operate in over 100 countries, achieved sales of €19.6 billion.