SCHNEIDER Electric has signed a definitive arrangement agreement with Xantrex Technology Inc. to acquire all of its common shares.
Xantrex is a top 3 global player in the solar and wind inverter market and the accquisition will reinforce Schneider Electric’s growing leadership position in solutions for renewable energies.
Xantrex is focused on the inverter, the key entry point for solar and wind systems solutions, which efficiently converts raw electrical power from renewable energy generators (such as solar photovoltaic panels and wind turbines) into high quality, grid-worthy power.
Jean-Pascal Tricoire, Chairman of the Management Board and CEO of Schneider Electric, commented: “This acquisition strongly enhances our position in Energy Management through the development of integrated and complete solutions which further meet customers’ needs for global Energy Efficiency solutions”.
The renewable business is poised for continued high growth, with an expected 2006-2012 annual growth rate of around 30%1 and 20%2 for solar and wind, respectively.
Demand is expected to remain strong driven mainly by increasing costs of fossil energies, societal sensitivity to environmental concerns and financial incentives in many countries.
Mossadiq Umedaly, Chairman of Xantrex, commented: “We are very proud and excited to join Schneider Electric. We think it is the best way to develop our business, taking advantage of our leading technology, products, market knowledge, and distribution channels together with Schneider Electric’s global sales, service, supply chain, and solutions capabilities”.
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