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Thursday, March 24, 2011

REFILE-Schneider Electric buys Summit Energy for $268 mln, (SCHN)

France's Schneider Electric (SCHN.PA) said Thursday it had signed an agreement to buy US-based energy procurement company Summit Energy Services for $268 million. Schneider said that Summit is expected to generate revenues of $65 million in 2011 and had an earnings before interest tax and amortisation margin above the Schneider Electric average. Schneider said the purchase should help the company compliment its efforts in the field of energy auditing and monitoring.

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