Schneider Electric to purchase APC
Schneider Electric has purchased Rhode Island-based American Power Conversion Corporationsystems for IT and data center applications.
“Upon completion of the transaction, APC will become part of Schneider Electric, with greater resources to accomplish our long-term plans, which will be favorable for our employees, customers, business partners and suppliers worldwide,” said Rob Johnson, APC’s president and CEO. “Both companies have a dedication to innovation and customer service that make our combined enterprise an even stronger, more competitive player in the industry.”
The transaction, which is expected to close in the first quarter of 2007, is subject to approval by APC shareholders and other customary conditions. The Board of Directors of APC has approved the transaction with Schneider, and intends to recommend to APC’s shareholders that they approve the transaction. APC’s shareholders are expected to vote on the transaction in early 2007. Approval from Schneider Electric’s shareholders is not required.
“This transaction is a tremendous opportunity for growth and for both companies, together, to provide unique, differentiated solutions to our combined customers. We look forward to welcoming APC to the Schneider Electric family,” said Jean-Pascal Tricoire, chief executive officer of Schneider Electric.