Crockett Sales - Email News Service
     
PELCO TO BE ACQUIRED BY SCHNEIDER ELECTRIC
     
  For Immediate Release: August 1, 2007  
     
  PELCO TO BE ACQUIRED BY SCHNEIDER ELECTRIC
(Clovis, California) – Officials of Clovis, CA based Pelco announced today that the company has reached an agreement to become acquired by Schneider Electric of Rueil-Malmaison, France. Schneider Electric is the world's power and control specialist. With 112,000 employees and operations in 190 countries, Schneider Electric generated sales of $17.2 billion in 2006. The price to be paid for this transaction is $1.22 billion expressed as an enterprise value on a cash-free, debt-free basis. In addition, Schneider Electric will pay to the sellers the net present value of a tax benefit resulting from the step-up of Pelco's assets, representing $320 million. As a consequence, the total price paid in cash at closing will be $1.54 billion. The transaction is subject to anti-trust and other regulatory clearance and is expected to close by October 2007.		  
     
  The acquisition of Pelco will open up many possibilities for the Pelco organization and offer a unique opportunity to leverage a wide array technologies and products. Schneider Electric shares the same vision and core values we have all come to know and expect from Pelco. And as stated by David McDonald "It's totally business as usual,".  
     
  Below is the Press release and statement from David L. McDonald, CEO of Pelco.  
     
  Pelco - Schneider-Electric Press Release (PDF 500K)  
  Pelco Letter to Customers and Represetatives (PDF 500K)  
     
 
 
  
 
 
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