Advanced Energy Industries And AEG Power Solutions Partner In Power Control Modules
- Advanced Energy Industries acquires AEG Power Solutions Power Control Modules business and enters into long-term manufacturing agreement
- AEG Power Solutions will focus on the Power Control Systems business and continue to manufacture the modules in Warstein-Belecke (Germany)
WARSTEIN-BELECKE, Germany - (BUSINESS WIRE) - AEG Power Solutions (FWB:3W9), a global provider of power electronics systems and solutions for industrial power supplies and renewable energy applications, today announced that AEG Power Solutions GmbH, its German subsidiary, entered into a contract to divest their power control modules business to Advanced Energy Industries Germany, GmbH, Metzingen, Germany, a subsidiary of Advanced Energy Industries, Inc. (Advanced Energy Industries) Colorado, USA. Advanced Energy Industries is a global leader in reliable power conversion solutions used in thin-film plasma manufacturing processes and solar energy generation.
The power control modules activity represents annual revenues of €14 million. AEG Power Solutions has entered into a long term manufacturing agreement to produce the modules for Advanced Energy Industries at its principle factory in Warstein-Belecke, Germany.
AEG Power Solutions will continue to focus on its core areas of competitive strength in delivering high quality power systems and solutions for infrastructure, industrial and demanding commercial applications, and advanced solutions for renewable energies and next generation distributed power generation. In this perspective, power control modules are non-core to the Group.
"With Advanced Energy Industries we found a strong and credible partner who will further develop the power control modules business”, said Jeffrey Casper, CRO and member of the Board of Directors. “This agreement is an important step to the ongoing reorganization of the AEG Power Solutions Group.”
Under the agreement, Advanced Energy Industries has acquired the Thyro-Family product line for €22 million in cash plus a one year cash earn-out of up to €1 million, payable in cash, if the EBITDA target for the product line is met in the first 12 months after closing.
About AEG Power Solutions
AEG Power Solutions (AEG PS) Group is a global provider of power electronics systems and solutions for all industrial and demanding commercial power requirements offering one of the most comprehensive product and service portfolios in the area of uninterruptible power supply and power management.
Thanks to its distinctive expertise bridging both AC and DC power technologies and spanning the worlds of both conventional and renewable energy, the company creates innovative solutions for next generation distributed power generation.
AEG Power Solutions Group is the sole subsidiary of the holding company 3W Power S.A. (WKN A0Q5SX / ISINLU0953526265), based in Luxembourg. The Group is headquartered in Zwanenburg in the Netherlands. The shares of 3W Power are admitted to trading on Frankfurt Stock Exchange (ticker symbol: 3W9).
For more information, visit www.aegps.com.
About Advanced Energy
Advanced Energy (NasdaqGM:AEIS) is a global leader in reliable power conversion solutions used in thin-film plasma manufacturing processes and solar energy generation. Founded in 1981, Advanced Energy is headquartered in Fort Collins, Colorado, with dedicated support and service locations around the world. For more information, go to www.advanced-energy.com.
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Copyright Business Wire 2014