July 4 (Bloomberg) -- Invensys Plc said it’s re-hired Jeremy Morcom to lead its corporate development and acquisitions strategy after netting more than 1 billion pounds ($1.5 billion) from the sale of a rail-software business to Siemens AG.
Morcom, who spent about 12 years as an M&A adviser on industrial deals at ING Bank, will join on Sept. 9, London-based Invensys said in a statement today. The former management consultant is crossing over from U.K. engineering company Spectris, where he helped oversee 20 deals worth about $900 million in the past five years.
“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,” Chief Executive Officer Wayne Edmunds said in the statement.
Siemens paid 1.74 billion pounds for the rail unit, with Edmunds returning 625 million pounds of that to shareholders. Invensys’ expansion plans come as it faces the challenge of maintaining profitability levels, Standard & Poor’s said in a June report. S&P highlighted a transitory period for the company, with the likelihood of acquisitions.
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