Schneider Electric acquires American Power Conversion
Schneider Electric and American Power Conversion recently entered into a definitive merger agreement under which Schneider Electric acquires all outstanding shares of APC for an enterprise value of approximately $5.5 billion. The price per share is U.S. $31, and will be paid in cash for a total amount of approximately U.S. $6.1 billion.
“This acquisition allows us to greatly strengthen Schneider Electric in the fastest growing segment of our core business: electrical distribution,” said Jean-Pascal Tricoire, CEO of Schneider Electric. “We expect this transaction to generate significant value by leveraging the unique complementary strengths of the two companies.”
By acquiring a global leader in the critical power market, and combining it with its subsidiary, MGE UPS Systems, Schneider Electric will become a worldwide company in the sector. The transaction is expected to close in the first quarter of 2007.
“Both companies have a dedication to innovation and customer service that would make our combined enterprise an even stronger, more competitive player in the industry,” added APC president and CEO Rob Johnson.
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Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.
There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.
But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.
Read more: 2015 Salary Survey