The events that led to the shut­ter­ing began in 2014, when Schnei­der Elec­tric, a French multi­na­tion­al, bought Inven­sys, the com­pa­ny that owned the Hanover fac­to­ry. Schnei­der then sold part of Inven­sys to Sun Euro­pean Cap­i­tal, a divi­sion of Sun Cap­i­tal, a pri­vate-equi­ty firm that spe­cial­izes in, among oth­er things, this kind of “cor­po­rate carve-out.”