Schneider Electric to buy promoters stake in APW President

MUMBAI: Schneider Electric has signed an agreement to acquire majority stake from promoters of APW President Systems, which designs and manufactures standard and customized racks and enclosure systems.

APW President Systems has strength of 380 employs and generated sales of Rs 1.08 billion for the twelve months ending September 2010.

Shares of APW President Systems were locked on 5 per cent upper circuit at Rs 157.50 on volume of 9662 shares.