Invensys passes brief to FD

FTSE 250 stalwart Invensys has brought in FD to replace Maitland after three years.

Invensys is a flagship British engineering firm that has emerged from a financially troubled past to become a strong FTSE presence.

In spite of debt, pension worries and a lack of shareholder confidence, the firm has slowly turned things around under Swedish CEO Ulf Henriksson.

FD’s task will be to continue the gradual improvement in shareholder confidence without raising expectations too high.

FD MD Richard Mountain heads the account, which the agency, headed by CEO Charles Watson, won after a competitive pitch.

Henriksson told reporters gathered at Invensys’ recent full-year results meeting that he would listen to any approaches for the firm, but said that he had not yet received any.

Invensys’ annual figures, released last week, met forecasts with a 26 per cent rise in underlying annual profit. But the firm said it expected the markets for controls would continue to be uncertain for some time.

The controls division, which accounts for nearly 30 per cent of Invensys’ sales, makes components and systems for heating and air conditioning.

SEPARATELY... FD is working for Nordic and Baltic bourse group OMX as it readies ­itself for further approaches having agreed a £1.8bn takeover with Nasdaq last week.

US electronic stock market Nasdaq wants OMX so it can finally gain a foothold in Europe after it was unsuccessful in its attempt to sec­ure the London Stock ­Exchange.

FD partner Charlie Pal­mer heads the account.

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