View source for Invensys

{{Short description|British engineering corporation (1999–2014)}}
{{EngvarB|date=July 2015}}
{{Infobox company
| name = Invensys Limited
| logo = Invensys logo.png
| logo_size = 250px
| type = [[Subsidiary]]
| fate = Acquired by [[Schneider Electric]]
| industry = [[Industrial Automation]], Transportation, [[Control engineering|Controls]]
| predecessor = {{Unbulleted list | [[BTR plc|BTR]] | [[Siebe plc|Siebe]] }}
| foundation = {{start date and age|1999}}
| defunct = {{end date|2014}}
| location = [[London]], England
| key_people = Jean-Pascal Tricoire ([[chairman]] and [[Chief executive officer|CEO]])
| revenue = [[Pound sterling|£]]1,792&nbsp;million (2013)<ref name="prelims">{{Cite web |title=Preliminary Results 2013 |url=http://www.invensys.com/isys/docs/Results/FY12_13/Invensys_FY_Results_2012_13%20Press_Release.pdf |access-date=21 March 2014 |publisher=Invensys plc}}</ref>
| operating_income = [[Pound sterling|£]]43&nbsp;million (2013)<ref name=prelims/>
| net_income = [[Pound sterling|£]]128&nbsp;million (2013)<ref name=prelims/>
| parent = 
| num_employees = 16,500 (2011)<ref>{{Cite web |title=About us |url=http://www.invensys.com/en/aboutus/companyprofile/invensysnumbers.aspx |access-date=11 April 2012 |publisher=Invensys}}</ref>
| products = 
| homepage = 
}}

'''Invensys Limited''' was a [[Multinational corporation|multinational]] engineering and information technology company headquartered in London, United Kingdom. At its height, the company had offices in more than 50 countries and its products were sold in around 180 countries.<ref name="AR">{{Cite web |title = Annual Report and Accounts 2010 |url = http://www.invensys.com/isys/docs/ar/2010/Invensys_AR_2010.pdf |access-date = 26 September 2010 |publisher = Invensys plc}}</ref>

Invensys was formed in 1999 through the merger of [[BTR plc]] and [[Siebe plc]].<ref name="indep241198">{{Cite news |last = Harrison |first = Michael |date = 24 November 1998 |title = Siebe and BTR unveil plans for pounds 9.4bn merger |work = The Independent |location = London |url = https://www.independent.co.uk/news/business/siebe-and-btr-unveil-plans-for-pounds-94bn-merger-1187036.html}}</ref> It was originally founded on 1 April 1920 as ''Siebe Gorman & Company Ltd'' and continued through various name changes registered at [[Companies House]] from that date. Invensys lines of business were grouped into four segments: Software, Industrial Automation, Energy Controls and Appliance. Its brands included Avantis, [[Eurotherm]], Foxboro, IMServ, InFusion, [[Triconex]], SimSci, Skelta, [[Wonderware]], Drayton, Eberle, and Eliwell.

Less than three years after its establishment, Invensys was in financial hardship, in part due to having overpaid for acquisitions such as the [[Baan Corporation]] at the height of the [[dotcom bubble]] and having accumulated a heavy debt burden. Through several divestments and a major restructuring, the company's fiscal situation had improved by 2005, allowing the pace of acquisitions to pick up. Considerable business was being obtained by its various products in the railway sector, which it opted to align under the [[Invensys Rail Group|Invensys Rail]] brand. Invensys Rail was ultimately sold to the German engineering conglomerate [[Siemens]] in exchange for £1.7&nbsp;billion in May 2013.

Between 2011 and early 2012, the company's share price fell by nearly 50%, which was attributed to a £40&nbsp;million expense from the delayed production of control and safety systems for eight [[Nuclear power in the People's Republic of China|Chinese nuclear reactors]]. In response, Invensys began openingly seeking to be acquired by a larger company, approaching the American industrial automation company [[Emerson Electric]] without any bid being made. During January 2014, Invensys was taken over by the French multinational [[Schneider Electric]] for a total consideration of $5.5&nbsp;billion. Schneider opted to fully integrate the company and phased out the "Invensys" brand in favour of its own.

==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 = https://www.ft.com/content/f9fb209e-564f-11e0-82aa-00144feab49a |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>

==Operations==
Invensys was organised into four main segments: Software, Industrial Automation, Energy Controls and Appliance.
=== Avantis ===
'''Avantis Enterprise Asset Management''' provides maintenance repair and operations including maintenance management, spares and inventory management, condition monitoring and procurement.<ref>{{Cite web |title=Avantis website |url=http://software.schneider-electric.com/avantis/ |access-date=9 May 2012 |publisher=software.schneider-electric.com}}</ref>

=== Eurotherm ===
{{Main|Eurotherm}}
[[Eurotherm]] is a supplier of control measurement and data recording to industrial and process consumers.<ref>{{Cite web |title=Eurotherm: Temperature Control, Measurement and Data Recording Solutions |url=http://www.eurotherm.com/ |access-date=29 March 2011 |publisher=Eurotherm USA}}</ref>

=== Foxboro ===
'''Foxboro Company''' provides control systems addressing distributed and plant operations<ref>{{Cite web |title=Foxboro Distributed Control System |url=http://iom.invensys.com/UK/Pages/Foxboro_DCSIASeries.aspx |url-status=dead |archive-url=https://archive.today/20120712134904/http://iom.invensys.com/UK/Pages/Foxboro_DCSIASeries.aspx |archive-date=12 July 2012 |access-date=29 March 2011 |publisher=Invensys.com}}</ref> as well as measurement and instrument systems.<ref>{{Cite web |title=Measurement and Instrumentation |url=http://iom.invensys.com/UK/Pages/Foxboro_MandI.aspx |access-date=29 March 2011 |publisher=Invensys.com |archive-date=25 February 2011 |archive-url=https://web.archive.org/web/20110225012009/http://iom.invensys.com/UK/Pages/Foxboro_MandI.aspx |url-status=dead }}</ref> Instruments include Pressure Transmitters,<ref>{{Cite web |title=Pressure Transmitters |url=http://iom.invensys.com/UK/Pages/Foxboro_MandI_Pressure.aspx |access-date=29 March 2011 |publisher=Invensys.com |archive-date=9 July 2012 |archive-url=https://archive.today/20120709203608/http://iom.invensys.com/UK/Pages/Foxboro_MandI_Pressure.aspx |url-status=dead }}</ref> Coriolis Flow Meters,<ref>{{Cite web |title=Coriolis Flow Meters |url=http://iom.invensys.com/UK/Pages/Foxboro_MandI_Flow_Coriolis.aspx |access-date=29 March 2011 |publisher=Invensys.com |archive-date=26 February 2011 |archive-url=https://web.archive.org/web/20110226214222/http://iom.invensys.com/UK/Pages/Foxboro_MandI_Flow_Coriolis.aspx |url-status=dead }}</ref> Valve Positioners,<ref>{{Cite web |title=Valve Positioners |url=http://iom.invensys.com/UK/Pages/Foxboro_MandI_valvepositioners.aspx |access-date=29 March 2011 |publisher=Invensys.com |archive-date=27 February 2011 |archive-url=https://web.archive.org/web/20110227005505/http://iom.invensys.com/UK/Pages/Foxboro_MandI_valvepositioners.aspx |url-status=dead }}</ref> Buoyancy Level Transmitters<ref>{{Cite web |title=Buoyancy Level Transmitters |url=http://iom.invensys.com/UK/Pages/Foxboro_MandI_Level_Buoyancy.aspx |access-date=29 March 2011 |publisher=Invensys.com |archive-date=9 July 2012 |archive-url=https://archive.today/20120709070627/http://iom.invensys.com/UK/Pages/Foxboro_MandI_Level_Buoyancy.aspx |url-status=dead }}</ref> and Temperature Transmitters.<ref>{{Cite web |title=Temperature Transmitters |url=http://iom.invensys.com/UK/Pages/Foxboro_MandI_Temperature_Transmitters.aspx |access-date=29 March 2011 |publisher=Invensys.com |archive-date=12 March 2011 |archive-url=https://web.archive.org/web/20110312044530/http://iom.invensys.com/UK/Pages/Foxboro_MandI_Temperature_Transmitters.aspx |url-status=dead }}</ref>

=== IMServ Europe ===
'''IMServ Europe''' is a provider of energy management and data monitoring services.<ref>{{Cite web |title=IMServ &#124; The Power Behind Energy Efficiency - UK |url=https://imserv.com/ |website=IMServ}}</ref> IMServ was previously part of Invensys Controls.

=== SimSci  ===
'''SimSci''' provides applications that help improve asset performance and utilisation with integrated simulation, optimisation, training, and process control software and services.<ref>{{Cite web |title=SimSci website |url=http://software.schneider-electric.com/simsci/ |access-date=9 May 2012 |publisher=software.schneider-electric.com}}</ref>

=== Skelta BPM {{anchor|Skelta}} ===
'''Skelta BPM''' is a product for [[business process management]].<ref>{{Cite web |title=Invensys Skelta website |url=http://www.skelta.com/ |access-date=29 March 2011 |publisher=Skelta.com}}</ref>

=== Triconex ===
{{main|Triconex}}
[[Triconex]] provides safety and critical control systems used in applications including [[Plant process and emergency shutdown systems#Emergency shutdown (ESD)|emergency shutdown]], burner management, [[Plant process and emergency shutdown systems#Fire and gas system (FGS)|fire and gas]] and turbomachinery control and protection.<ref>{{Cite web |title=Triconex page on the Invensys Operations Management Website |url=http://iom.invensys.com/EN/Pages/Triconex.aspx |url-status=dead |archive-url=https://web.archive.org/web/20160907092315/http://iom.invensys.com/EN/Pages/triconex.aspx |archive-date=7 September 2016 |access-date=29 March 2011 |publisher=Invensys.com}}</ref>

=== Wonderware ===
{{main|Wonderware}}
[[Wonderware]] provides software products to address production operations, production performance, manufacturing intelligence, business process management and collaboration.<ref>{{Cite web |title=Wonderware |url=http://software.schneider-electric.com/wonderware/ |access-date=29 March 2011 |publisher=software.schneider-electric.com}}</ref>

==See also==
{{Portal|Companies}}
* [[List of companies based in London]]

==References==
{{reflist|2}}

==External links==
* [https://www.se.com/ww/en/brands/invensys/invensys.jsp Invensys] on Schneider Electric website

{{Invensys}}
{{BTR plc}}
{{Use dmy dates|date=July 2015}}

[[Category:Engineering companies of the United Kingdom]]
[[Category:Defunct companies based in London]]
[[Category:Technology companies established in 1999]]
[[Category:British companies established in 1999]]
[[Category:MES software]]
[[Category:Schneider Electric]]