New owners expect to leverage synergies to grow marine, RV and commercial markets
Schneider Electric has sold its Xantrex electrical equipment manufacturing business to Huntington Beach, California-based Mission Critical Electronics (MCE).
Founded in 1983 and based in British Columbia, Canada, Xantrex manufactures a range of electrical equipment including inverters, inverter chargers, batteries and solar charging systems for marine, RV and commercial vehicle applications.
Financial details related to the transaction were not disclosed; the company was acquired by Schneider Electric in 2008 for a reported C$489m, and operated as part of its solar activity group.
Also serving the marine, industrial and specialty vehicle markets, Mission Critical Electronics manufactures and distributes its own range of electronic power products. Synergies between the two companies were the driving force behind the acquisition, according to MCE CEO, Kevin Moschetti.
“Xantrex’s products are high quality, technologically advanced, and valued by their customers,” he said. “Moreover, Xantrex’s portfolio of power products, end markets, and distribution partners are highly complementary to MCE. The synergies that exist between our companies will provide more value for end-users, original equipment manufacturers, and distribution partners.
“Most importantly, I am excited about the new growth platforms available, the talent level of the Xantrex people, and the new career opportunities that will be opened.”
Best known for its innovative Freedom line of inverter-charger systems, Xantrex recently unveiled new high-power Li-Ion batteries and solar power systems for the marine market, debuting the equipment at the IBEX show in October.
“This is a very exciting juncture for Xantrex. Joining forces with MCE, who are as passionate about high quality vehicle and marine power solutions as we are, is sure to deliver tremendous value for our customers, suppliers and other business partners,” said Xantrex vice president and general manager, Richard Gaudet. “I am excited at the opportunities this will generate to accelerate our combined growth, the career possibilities for employees, and our shared top priority of satisfying our customers.”