MANILA, Philippines - Schneider Electric, the global specialist in energy management, has signed an agreement to acquire Summit Energy Services Inc., a leader in outsourced energy procurement and sustainability services to industrial, commercial and institutional enterprises, for $268 million.
Summit Energy provides its clients with services of energy procurement, risk management, market intelligence, data management and sustainability consulting. It employs more than 350 individuals based in 11 international offices across North America and Europe and serves client facilities in more than 90 countries.
A fast-growing business, Summit Energy is expected to generate sales of approximately $65 million for the current year with an income margin above the Schneider Electric average.
This acquisition is expected to impact on Schneider’s long-term commitment to bring more businesses into the Philippines as Summit Energy is expected to bring value to Schneider Electric such as premier client-focused service platform, with two decades of success strategically positioning clients regarding energy contracting, reporting and consumption.