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RPT-REFILE-Schneider Electric buys Summit Energy for $268 mln
March 24, 2011 / 5:39 PM / 6 years ago

RPT-REFILE-Schneider Electric buys Summit Energy for $268 mln

(Repeats to additional Reuters clients) (Corrects dateline to March 24 from May 24)

PARIS, March 24 (Reuters) - 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.

The purchase should be accretive to earnings per share in the first year. (Reporting by Nina Sovich; Editing by Christian Plumb)

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