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Schneider Electric (SBGSY): Company Profile, Stock Price, News, Rankings

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French multinational Schneider Electric supplies products and services for industrial automation and energy management. Revenues rose to a record $35.9 billion in 2022, as Schneider worked to clear a backlog of orders built up during COVID-19, while profits fell 3.5% to $3.7 billion.

Schneider enjoyed its highest revenue growth in North America, driven by its residential and data center offerings.

In February, the company bid farewell to CEO Jean-Pascal Tricoire after two decades at the helm. Tricoire handed the reins to Peter Herweck, Schneider’s head of industrial automation and the former boss of U.K. engineering software company Aveva.

Schneider completed the acquisition of the 40% of Aveva it didn’t already own in January 2023, for £3.9 billion ($4.8 billion). Schneider’s strategy is to increase the role of software, services and the Internet-of-Things in its sales mix, and to respond to the twin trends of electrification and digitization.