Advanced Energy take over AEG Power Solutions BU

The power control modules activity represents annual revenues of EUR 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 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 EUR 22 million in cash plus a one year cash earn-out of up to EUR 1 million, payable in cash, if the EBITDA target for the product line is met in the first 12 months after closing.