Advanced Energy Completes Sale of Its Aera Mass Flow Business to Hitachi Medals, Ltd.
October 18 2010 - 8:30AM
Business Wire
Advanced Energy Industries, Inc. (NasdaqGM: AEIS) announced the
closing of the sale of its Aera® mass flow control and related
product lines and real property in Japan to Hitachi Metals, Ltd.
The transaction closed on October 15, 2010 with cash proceeds from
the sale of $44.9 million, after inventory adjustments.
“Advanced Energy is very pleased to announce the closing of the
sale of its Aera mass flow business to Hitachi Metals,” said Dr.
Hans Betz, chief executive officer of Advanced Energy. “This
transaction is part of our long term strategy and enables us to
concentrate our global resources on core power conversion
technology where we maintain an industry leading position in the
thin film processing and renewable energy markets. Advanced Energy
has become the market leader in North America for grid-tied PV
inverters. Solar PV electricity generation is the fastest growing
power-generation market in the world, and we are well positioned to
capitalize on this growth.”
GCA Savvian served as the financial advisor and provided a
fairness opinion to Advanced Energy related to the transaction.
About Advanced Energy
Advanced Energy (Nasdaq: AEIS) is a global leader in innovative
power and control technologies for high-growth, thin-film
manufacturing and solar-power generation. 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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