Advanced Energy Announces Plans to Close Stolberg, Germany Factory and Further Optimize Global Operations
March 02 2007 - 4:31AM
PR Newswire (US)
FORT COLLINS, Colo., March 2 /PRNewswire-FirstCall/ -- Advanced
Energy Industries, Inc. (NASDAQ:AEIS) today announced plans to
transfer manufacturing operations from the Stolberg, Germany site
to the Company's manufacturing locations in Shenzhen, China, and
Fort Collins, Colorado, and subsequently close its Stolberg
facility. Product design, sales and service functions will be
reassigned to the Filderstadt, Germany and Fort Collins, Colorado
locations. This transition is expected to be completed by October
31, 2007. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030825/AEISLOGO ) Hans Betz,
president and chief executive officer of Advanced Energy, said,
"While the Stolberg facility has contributed to our success over
the years, our strategy to drive operational efficiencies on a
global scale is clear, and we faced a difficult decision whether to
invest in an expansion of our factory in Germany or leverage the
infrastructure that we have built in China. As a result of this
decision, we will narrow our focus in operations and achieve
greater efficiencies in the long term by transferring these lines
to our high volume manufacturing facility in Shenzhen, China, and
our advanced manufacturing facility in Fort Collins, Colorado." Mr.
Betz continued, "This is a difficult decision for the Company,
given our talented workforce in Stolberg. The transition will
impact approximately 65 employees over the course of the next
several months. The Stolberg team has been a dedicated group of
employees, committed to meeting our critical objectives, and we
thank them for their hard work." Advanced Energy acquired the
Stolberg location through the acquisition of Dressler HF Technik
GmbH in March 2002. Since that time, the location has continued
design, manufacturing and support for the Dressler(R) RF power
product line, including the Cesar(R) power generator, which is sold
primarily to semiconductor capital equipment and solar cell
manufacturing customers. Other Dressler RF products manufactured in
Stolberg include the VarioMatch(TM) matching network, the HPG(TM)
high power generator, and the LPPA linear amplifier. The site
currently contributes approximately 5% of the Company's total
annual revenue. The Company will file an amended report on Form 8-K
under Item 2.05 within four business days after it makes a
determination of the anticipated restructuring charges related to
the Stolberg facility closure. About Advanced Energy Advanced
Energy is a global leader in the development and support of
technologies critical to high-technology, high-growth manufacturing
processes used in the production of semiconductors, flat panel
displays, data storage products, solar cells, architectural glass,
and other advanced product applications. Leveraging a diverse
product portfolio and technology leadership, Advanced Energy
creates solutions that maximize process impact, improve
productivity and lower the cost of ownership for its customers.
This portfolio includes a comprehensive line of technology
solutions in power, flow, thermal management, and plasma and ion
beam sources for original equipment manufacturers (OEMs) and
end-users around the world. Advanced Energy operates in regional
centers in North America, Asia and Europe and offers global sales
and support through direct offices, representatives and
distributors. Founded in 1981, Advanced Energy is a publicly held
company traded on the Nasdaq Global Market under the symbol AEIS.
For more information, please visit our corporate website:
http://www.advanced-energy.com/. This press release contains
certain forward-looking statements, as well as other matters
discussed in this news release that are not purely historical data.
Forward-looking statements are subject to known and unknown risks
and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statements. Such
risks and uncertainties include, but are not limited to: the
volatility and cyclicality of the industries we serve including the
semiconductor capital equipment and flat panel display industries,
the timing of orders received from our customers, our ability to
realize cost and efficiency improvements from the operations
optimization initiatives underway, and unanticipated changes to our
estimates, reserves or allowances. These and other risks are
described in Advanced Energy's Form 10-K, Forms 10-Q and other
reports and statements filed with the Securities and Exchange
Commission. These reports and statements are available on the SEC's
website at http://www.sec.gov/ . Copies may also be obtained from
Advanced Energy's website at http://www.advanced-energy.com/ or by
contacting Advanced Energy's investor relations at 970-221-4670.
Forward-looking statements are made and based on information
available to us on the date of this press release. The Company
assumes no obligation to update the information in this press
release. http://www.newscom.com/cgi-bin/prnh/20030825/AEISLOGO
http://photoarchive.ap.org/ DATASOURCE: Advanced Energy Industries,
Inc. CONTACT: Larry Firestone, Executive Vice President, CFO,
+1-970-407-6570, , or Cathy Kawakami, Director, Investor Relations,
+1-970-407-6732, , both of Advanced Energy Industries, Inc. Web
site: http://www.advanced-energy.com/
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