New Invensys M+A manager named

The major restructuring of Invensys without the Rail Division continues, and is fully reported in the July issue of the INSIDER Newsletter, see http://www.iainsider.co.uk. Also announced just after the Capital Markets Day presentation in New York, was the appointment of Jeremy Morcom as Group Head of Corporate Development, ie covering the expected M+A activity in the next two to three years, spending their GBP600m cash pile in typically smaller scale GBP50m investments in software and energy control products.

Since 2006, Jeremy has been Head of Corporate Development and a member of the global Executive Committee at Spectris plc, the leading supplier of productivity-enhancing instrumentation and controls for industrial markets.  In this role he has led a successful programme to expand existing businesses and acquire in new areas with approximately $900 million invested in over 20 completed acquisitions in the last five years.

Prior to joining Spectris, Jeremy was Head of Acquisitions & Divestitures at Invensys plc where, amongst other things, he implemented a multi-$billion disposal and restructuring programme.   Before joining industry, Jeremy worked in investment banking for twelve years focusing on M&A advice for clients in the engineering and industrial sectors.  Prior to investment banking, he worked in management consultancy.

Jeremy will be taking up his new role on 9 September 2013.

Wayne Edmunds, Chief Executive of Invensys plc, commented:

“I am delighted to welcome Jeremy back to Invensys.  He has led the highly successful acquisition programme at Spectris for seven years, during which time the company achieved significant growth in scale and profitability.

“Following the sale of Invensys Rail, we have significant funds to reinvest into our business segments mainly through acquisitions and his appointment demonstrates our commitment to deploy these funds in a rigorous and disciplined manner.”

Added on 12 July: In view of the take-over bid from Schneider, which Invensys plc regards as acceptable, is the role for Jeremy Morcom still viable? It is likely that Schneider will need the cash in the Invensys bank account to pay out the ISYS shareholders, so future acquisitions may be a long way down the line now!

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