Grace's Guide

British Industrial History

Grace's Guide is the leading source of historical information on industry and manufacturing in Britain. This web publication contains 147,385 pages of information and 233,518 images on early companies, their products and the people who designed and built them.

Invensys

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1999 After the merger of BTR Industries and Siebe, the new group was renamed Invensys[1]

From 1999 to 2004, it underwent a major restructuring programme to cut its costs as falling sales and large debts led to the danger of its going bankrupt.

2000 Acquired the Baan Corporation.

2000 Sold the pneumatics operations (comprising Watts FluidAir in the US, Climax SA in France and Maxam Pneumatics Limited, based in the UK) to Parker Hannifin[2]

2002 As part of moved to reduce debt, disposed of the US maker of industrial parts, Rexnord, and Sensor Systems[3]. Sold the Flow Control Division to Flowserve Corporation.

2002 Invensys focussed on production technology and energy management. The Production Management businesses. The Production Management division included Foxboro, Wonderware, Triconex, APV, Eurotherm and Baan. Sold Invensys Sensor Systems to Honeywell Automation and Control Solutions.[4]

A major disposal programme, including of the Baan Corporation, combined with a £2.7bn debt restructuring in 2004, saved the group from collapse.

2005 Agreed to sell the Lambda power supplies business to TDK[5]

Several changes of Chief Executive took place during this period

During 2011 and early 2012 the share price fell nearly 50%, in part due to delays costing £40 million in producing control and safety systems for eight Chinese nuclear reactors.

2012 The railway signalling and comms. businesses were sold to Siemens AG[6]

2013 The remaineder of Invensys (including automation and control of large process plant, temperature controls and some parts for domestic appliances) was taken over by the French multinational Schneider Electric for a total consideration of £3.4 billion. The takeover was completed on 17 January 2014.

See Also

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Sources of Information

  1. The Times, March 24, 1999
  2. [1] The Engineer
  3. The Times Sept. 30, 2002
  4. [2]
  5. The Times July 20, 2005
  6. The Times July 13, 2013