NEWS
D onegal-based switchgear and power distribution system provider, E+I Engineering, is on track for a cool $2bn (€1.7bn) purchase by Vertiv – a world-leading equipment and services provider for data centres. Founded in 1986, and headquartered in Burnfoot, E+I Engineering’s products are critical to the data centre power infrastructure sector and compete in a market worth about $7 billion, which is expected to grow 5% annually through 2025. It employs 2,100 people and has annual revenues of $460 million. A major job-boost is planned with 100 new staff across its three locations in the northwest in the next year following the deal. Vertiv said it is to buy E+I and its affiliate Powerbar Gulf for approximately $1.8 billion upfront plus the potential for up to $200 million in cash based on achieving certain profit milestones. “This transaction brings together two highly complementary businesses, and represents a great outcome for E&I’s employees and customers,” said Philip O’Doherty, founder and Chief Executive of E&I. “We are excited to join the Vertiv team and to continue to grow our business through Vertiv’s global reach, strong channel presence and great customer positioning in critical digital infrastructures.” Vertiv, which was founded in 1940 in Columbus, Ohio, employs some 20,000 people and does business in more than 130 countries. “The acquisition of E&I represents a key milestone in Vertiv’s strategy, completing our portfolio of in-building power train offerings for data centres and vital commercial and industrial markets,” said Chief Executive Rob Johnston. www.e-i-eng.com MAJOR JOB-BOOST ON CARDS FOR E+I ENGINEERING FOLLOWING BILLION-EURO SALE… E&I Engineering to sell for $2bn
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IRELAND’S ELECTRICAL MAGAZINE | 67
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