Invensys account pitch as Brunswick link ends

Invensys is on the hunt for a new financial and corporate comms adviser in a move that has ended a five-year relationship with Brunswick.

A source close to the pitch process said the incumbent agency had declined to repitch for the business.

The move comes ten months after Invensys investor relations manager Michael Davies said he would not be reviewing the company’s relationship with Brunswick (PRWeek, 31 October 2003).

Davies and Invensys senior vice-president of marketing and comms Victoria Scarth did not return calls.

The pitch also follows the appointment of chief operating officer Ulf Henriksson, who took up the post in May from Eaton Corporation.

Henriksson’s golden hello of more than £2m in cash and shares raised some eyebrows among those following the troubled company. Invensys said at the time that the payments were designed to take into account the US’s different renumeration and corporate governance standards as well as compensate for the loss of Henriksson’s previous package.

Invensys is trying to cut huge debts which at their peak stood at £3.5bn. In February, the company was rescued by a £2.7bn refinancing package. Net debt was quoted as £986m in the company’s 2004 annual report and accounts.

In May, Invensys said in its preliminary results that it had reduced corporate costs by 44 per cent and that sales from retained business had stabilised.

Invensys specialises in engineering and electronics systems through several divisions and companies. Its rail division operates in the UK under the name Westinghouse Rail Systems, which last year won an £850m contract to re-signal several London Underground lines and a £185m contract to re-signal the main line from London to Cambridge.

Last October, the company overhauled its communications function.

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