Editing Invensys (section)

==History==
Invensys was formed through the merger of [[BTR plc]] and [[Siebe plc]] in 1999.<ref name = "indep241198"/><ref>{{cite web |url = https://www.bloomberg.com/press-releases/2000-05-31/invensys-preliminary-results-for-the-12-months-ended-31-march |title = Invensys Preliminary Results for the 12 Months Ended 31 March |publisher = bloomberg.com |date = 31 March 2000}}</ref> Between 1999 and 2004, it underwent a major restructuring programme involving thousands of redundancies to cut its costs amid falling sales and a sizeable debt burden that allegedly posed the possibility of the company going [[bankrupt]].<ref>{{cite web |url = https://disclosure.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/280669 |title = Invensys PLC Ratings Lowered to 'BBB-' and Removed from CreditWatch; Outlook Stable |publisher = disclosure.spglobal.com |date = 13 December 2002}}</ref><ref>{{cite web |url = https://www.telegraph.co.uk/finance/2833569/Invensys-plunges-after-disappointing-losses-and-warning.html |title = Invensys plunges after disappointing losses and warning |publisher = The Telegraph |first = Helena |last = Keers |date = 15 November 2002 }}</ref> A major disposal programme combined with a £2.7bn [[debt restructuring]] during 2004 saved Invensys from collapse.<ref>{{Cite news |last = Mathiason |first = Nick |date = 18 April 2004 |title = Good signals at Invensys |work = The Guardian |location = London |url = https://www.theguardian.com/business/2004/apr/18/theobserver.observerbusiness11}}</ref><ref>{{cite web |url = https://drivesncontrols.com/news/archivestory.php/aid/1625/Invensys_sells_CompAir_for__A31.html |title = Invensys sells CompAir for £1 |publisher = drivesncontrols.com |date = 1 June 2002}}</ref> It was under this strategy that [[Baan Corporation|The Baan Corporation]], which it purchased in 2000 amid the [[dotcom bubble]] for €762 million,<ref>{{Cite news |last = Wootliff |first = Benjamin |date = 19 July 2000 |title = ING paving the way for Invensys to buy Baan |work = The Daily Telegraph |location = London |url = https://www.telegraph.co.uk/finance/4458970/ING-paving-the-way-for-Invensys-to-buy-Baan.html}}</ref> was sold three years later for only US$135&nbsp;million.<ref>{{cite web |url = https://www.independent.co.uk/news/business/analysis-and-features/was-abn-the-worst-takeover-deal-ever-1451520.html |title = Was ABN the worst takeover deal ever? |work = The Independent |date = 20 January 2009}}</ref><ref>{{Cite news |year = 2003 |title = Invensys sells Baan for US$135&nbsp;million |work = Business Wire |url = http://findarticles.com/p/articles/mi_m0EIN/is_2003_June_3/ai_102698640/}}</ref> Several other elements, such as Fasco motors and Eurotherm Drives, were also divested to refinance the company.<ref>{{cite web |url = https://www.drivesncontrols.com/news/archivestory.php/aid/2031/Fasco_motors_business_changes_hands_again_for_$220m_.html |title = Fasco motors business changes hands again for $220m |publisher = drivesncontrols.com |date = 3 July 2007}}</ref><ref>{{cite web |url = https://www.controleng.com/articles/parker-hannifin-acquires-ssd-drives/ |title = Parker Hannifin acquires SSD Drives |publisher = controleng.com |date = 25 August 2005}}</ref>

During May 2005, following the completion of the refinancing effort, Rick Haythornthwaite resigned his position as Invensys' chief executive, his position was filled by Ulf Henriksson.<ref>{{cite web |url = https://www.ft.com/content/4e36d5a4-c83a-11d9-87c9-00000e2511c8 |title = Invensys losses widen as chief executive departs |publisher = Financial Times |first = Malini |last = Guha |date = 19 May 2005}}</ref> In May 2006, the French multinational [[Schneider Electric]] announced that it would acquire Invensys Building Systems (IBS) operations in both North America and Asia in exchange for $296 million.<ref>{{cite web |url = https://www.automation.com/en-us/articles/2006-1/schneider-electric-acquires-invensys-building-syst |title = Schneider Electric acquires Invensys Building Systems for $296 million |publisher = automation.com |date = 25 May 2006}}</ref> During December 2007,  Invensys arranged to sell its Firex Safety Division to [[United Technologies]].<ref>{{cite web |url = https://www.marketwatch.com/story/invensys-to-sell-fire-safety-unit-to-united-technologies |title = Invensys to sell fire safety unit to United Technologies |first = Steve |last = Goldstein |date = 21 December 2007}}</ref> That year, the company opted to expand its presence in [[Indonesia]].<ref>{{cite web |url = https://pacetoday.com.au/invensys-expands-operations-in-indonesia/ |title = Invensys expands operations in Indonesia |publisher = pacetoday.com.au |date = 26 November 2007}}</ref>

In late 2009, as part of an effort to align its various brands and names in the railway sector together, [[Westinghouse Rail Systems]] was renamed [[Invensys Rail Group|Invensys Rail]].<ref>{{cite web |url = https://www.railwaygazette.com/news/westinghouse-rail-systems-becomes-invensys-rail/34359.article |title = Westinghouse Rail Systems becomes Invensys Rail |publisher = Railway Gazette International |date = 2 September 2009}}</ref> At the time, Invensys Rail was one of a handful of companies that produced equipment compatible with the new [[European Rail Traffic Management System]] (ERTMS).<ref>{{cite web |url = https://www.globalrailwayreview.com/article/1536/safely-connecting-europes-railways/ |title = Safely connecting Europe's railways |publisher = globalrailwayreview.com |date = 30 July 2007}}</ref> During 2011 alone, deals cumulatively valued at £700 million were secured by Invensys Rail from numerous organisations such as [[Network Rail]] and [[Obrascón Huarte Lain]] for its signalling products.<ref>{{cite web |url = https://www.railwaygazette.com/infrastructure/invensys-wins-great-northern-great-eastern-signalling-contract/37680.article |title = Invensys wins Great Northern Great Eastern signalling contract |publisher = Railway Gazette International |date = 24 January 2013}}</ref><ref>{{cite web |url = https://www.globalrailwayreview.com/news/11115/invensys-rail-lands-e700-million-rail-signalling-contracts/ |title = Invensys Rail lands €700 million rail signalling contracts |publisher = globalrailwayreview.com |date = 3 November 2011}}</ref><ref>{{cite web |url = https://www.globalrailwayreview.com/news/8043/invensys-rail-dimetronic-will-implement-the-first-ertms-level-2-system-in-turkey/ |title = Invensys Rail Dimetronic will implement the first ERTMS Level 2 system in Turkey |publisher = globalrailwayreview.com |date = 26 January 2011}}</ref>

In March 2011, Wayne Edmunds, who had been Invensys' chief financial officer since 2009, was appointed Chief Executive, replacing Ulf Henriksson.<ref>{{Cite web |date = 24 March 2011 |title = Appointment of Chief Executive |url = http://www.invensys.com/media/default.asp?top_nav_id=3&nav_id=3&action=detail&content_no_id=890 |access-date = 29 March 2011 |website = Press release |publisher = Invensys}}</ref><ref name = "ft2011">{{Cite web |first1 = Peter |last1 = Marsh |first2 = Michael |last2 = Kavanagh |date = 24 March 2011 |title = Invensys replaces chief executive |url = http://www.ft.com/cms/s/0/f9fb209e-564f-11e0-82aa-00144feab49a.html |archive-url = https://ghostarchive.org/archive/20221211/http://www.ft.com/cms/s/0/f9fb209e-564f-11e0-82aa-00144feab49a.html |archive-date = 11 December 2022 |url-access = subscription |access-date = 29 March 2011 |website = The Financial Times}}</ref> According to ''[[The Financial Times]]'', Henriksson, who had been Invensys's Chief Executive since 2005, had had differences with chairman [[Nigel Rudd]] over the company's management, in spite of the return to financial health under Henriksson.<ref name = "ft2011" />

During the late 2000s and early 2010s, Invensys became increasingly involved in the Chinese market across various sectors, including the rail and power generation sectors.<ref>{{cite web |url = https://www.telegraph.co.uk/finance/newsbysector/industry/engineering/8130189/Invensys-rails-against-poor-China-relations.html |title = Invensys rails against poor China relations |publisher = The Telegraph |first = Malcolm |last = Moore |date = 13 November 2010 }}</ref><ref>{{cite web |url = https://www.power-eng.com/coal/invensys-to-supply-digital-automation-in-china-coal-plants/#gref |title = Invensys to supply digital automation in China coal plants |publisher = power-eng.com |date = 5 April 2006}}</ref> Between 2011 and early 2012, the company's share price dropped by almost 50%, the devaluation being largely attributed to a £40&nbsp;million expense associated with delays in the production of control and safety systems for eight [[Nuclear power in the People's Republic of China|Chinese nuclear reactors]].<ref>{{cite web |url = https://www.standard.co.uk/business/business-news/invensys-hit-by-costs-racking-up-in-china-7762433.html |title = Invensys hit by costs racking up in China |publisher = Evening Standard |date = 17 May 2012}}</ref><ref>{{Cite news |date = 13 January 2012 |title = Invensys shares tumble on profits warning |work = Daily Telegraph |url = https://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/electronics/9012142/Invensys-shares-tumble-on-profits-warning.html |access-date = 15 January 2012}}</ref> On 2 May 2013, Invensys sold off its Wiltshire-based rail division to the German engineering conglomerate [[Siemens]] in exchange for £1.7&nbsp;billion, the majority of which being used to address a deficit in its company pension scheme.<ref name = "takeover guardian2013"/><ref>{{cite web |url = https://www.railwaygazette.com/business/siemens-completes-invensys-rail-acquisition/38017.article |title = Siemens completes Invensys Rail acquisition |publisher = Railway Gazette International |date = 2 May 2013}}</ref>

In 2012, Invensys held discussions with the American industrial automation company [[Emerson Electric]] on a prospective takeover, although Emerson never issued any firm approach.<ref>{{cite web |url = https://www.bloomberg.com/news/articles/2012-06-20/invensys-said-to-weigh-options-after-emerson-interest |title = Invensys Said to Weigh Options After Emerson Interest |publisher = Bloomberg |first1 = Aaron |last1 = Kirchfeld |first2 = Matthew |last2 = Campbell |first3 = Jeffrey |last3 = McCracken |date = 21 June 2012 }}</ref><ref>{{cite web |url = https://www.theguardian.com/business/marketforceslive/2012/jun/20/invensys-bis-emerson-electric |title = Invensys jumps by a quarter on talk of bid interest from US group Emerson |first = Nick |last = Fletcher |work = The Guardian |date = 20 June 2012}}</ref> That same year, the company's management team was compelled to issue a denial of a comment made by Henriksson that he expected [[CSR Corporation Limited|China Southern Rail]] to make a substantial offer to obtain a stake in Invensys.<ref>{{cite web |url = https://www.standard.co.uk/business/invensys-board-denies-chief-s-claim-of-china-southern-rail-move-6536146.html |title = Invensys board denies chief's claim of China Southern Rail move |publisher = Evening Standard |date = 11 April 2012}}</ref> The two companies had previously signed [[licensed production|licensing]] agreements that led to Invensys Rail Group's signalling products being locally produced in China as well as to jointly sell those products to China's expansive mass transit market.<ref>{{cite web |url = https://eandt.theiet.org/content/articles/2010/09/invensys-rail-agreements-open-way-into-china-market/ |title = Invensys rail agreements open way into China market |publisher = eandt.theiet.org |date = 20 September 2010}}</ref><ref>{{cite web |url = https://www.theguardian.com/business/marketforceslive/2010/sep/17/invensys-china-rail-deal |title = Invensys accelerates on China rail deal as FTSE moves above 5600 |work = The Guardian |first = Nick |last = Fletcher |date = 17 September 2010}}</ref>

During July 2013, it was announced that Invensys was set to be taken over by Schneider Electric, one of the firm's long term competitors, for a total consideration of £3.4&nbsp;billion.<ref>{{Cite news |date = 31 July 2013 |title = Why the chancellor may weep at Invensys takeover |work = BBC News |url = https://www.bbc.com/news/business-23524763 }}</ref><ref>{{cite web |url = https://drivesncontrols.com/news/fullstory.php/aid/4045/Schneider_92s__A33.4bn_takeover_of_Invensys_goes_ahead.html |title = Schneider's £3.4bn takeover of Invensys goes ahead |publisher = drivesncontrols.com |date = 31 July 2013}}</ref> The deal was noted to likely involve job losses as Schneider revealed plans to make cost savings of around €140m (£122m) per year.<ref name = "takeover guardian2013">{{cite web |url = https://www.theguardian.com/business/2013/jul/31/invensys-takeover-france-schneider |title = Invensys agrees takeover by France's Schneider |work = The Guardian |date = 31 July 2013}}</ref> Reports claimed that the American engineering conglomerate [[General Electric]] was planning to issue its own £3.5 billion ($5.3 billion) counterbid for control of Invensys.<ref>{{cite web |url = https://www.independent.co.uk/news/business/news/general-electric-fans-flames-of-invensys-bidding-war-8708449.html |title = General Electric fans flames of Invensys bidding war |work = The Independent |first = Jamie |last = Dunkley |date = 15 July 2013}}</ref><ref>{{cite web |url = https://www.domain-b.com/companies/companies_g/ge/20130715_invensys.html |title = GE prepares to counter Schneider's bid for Invensys |publisher = domain-b.com |date = 15 July 2015}}</ref> The takeover was completed on 17 January 2014 and Invensys was declared to have been fully integrated by Schneider seven months later.<ref>{{Cite web |url = https://www.pumpsandsystems.com/news/2014-12-07/schneider-electric-announced-complete-integration-invensys |title = Schneider Electric Announced Complete Integration of Invensys |publisher = pumpsandsystems.com |date = 12 July 2014}}</ref>