Advanced Energy Announces Creation of Strategic Business Units
December 22 2010 - 8:30AM
Business Wire
Advanced Energy Industries, Inc. (Nasdaq GM: AEIS) today
announced the creation of two focused business units within the
company effective January 1, 2011. The two business units,
Thin Films and Renewables, will enable improved execution and a
strategic focus on two distinct markets. Both business units will
leverage the deep competencies in power conversion and energy
management that Advanced Energy has developed in the last 25+
years.
“The re-alignment of AE’s businesses reflects the success of our
strategy to maintain our leadership in thin film markets, while
also expanding into high-growth renewable markets with our inverter
product portfolio,” said Hans Betz, CEO of Advanced
Energy. “The Thin Films business unit will serve principally
our OEM and end customers in the semiconductor, flat panel display,
solar module and other capital equipment markets, while the
Renewables business unit will focus on string, commercial and
utility-scale solar projects and installations, selling primarily
to distributors, EPCs (Engineering, Procurement, and Construction
contractors), developers, and utility companies. The creation of
these two units will enable greater focus on each business’ unique
needs and requirements, allowing each to expand and accelerate our
growth by better serving each of these very different
industries.”
The Thin Films business unit will be managed by Yuval Wasserman
in addition to his role as the company’s President and Chief
Operating Officer, and will be headquartered in Fort Collins,
Colorado. Since joining Advanced Energy in 2007, Mr. Wasserman
has leveraged his over 25 years of experience in the semiconductor
industry and has been instrumental in AE’s growth strategy. The
Thin Films business unit will consist of the company’s power
conversion and thermal instrumentation products serving capital
equipment markets including semiconductor, solar panel, and flat
panel display.
The Renewables business unit headquartered in Bend, Oregon will
be managed by Gregg Patterson in the role of Executive Vice
President and General Manager effective January 1st. Mr. Patterson
successfully grew PV Powered from a small residential business into
a leader in the North American Solar Industry over the past four
years. Mr. Patterson brings over 26 years of experience in the high
tech industry having spent 22 years with Hewlett Packard leading
various worldwide businesses prior to joining PV Powered. The
Renewables business unit will include the PV Powered and Solaron
solar inverter products that have set the standard for reliability,
efficiency and LCOE performance in the worldwide markets they
serve. Wasserman and Patterson will report directly to Hans
Betz.
“We are excited to have these two industry veterans lead our
business units in 2011,” said Dr. Betz. “Yuval’s extensive
experience in successfully managing through cyclical thin film
markets combined with Gregg’s knowledge of the renewables market
and ability to build and manage a high growth business such as PV
Powered will create new opportunities and enable us to execute on
our growth strategy for 2011 and beyond.”
About Advanced Energy
Advanced Energy (NASDAQ: AEIS - News) 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.advancedenergy.com.
Forward-Looking Language
This press release contains statements regarding Advanced
Energy’s organizational plans, as well as the company’s
expectations regarding the business units to be formed in 2011.
These statements are forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. 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, including whether and how quickly the
company might realize the benefits of the organizational plans
discussed in this press release. Such risks and uncertainties
include, but are not limited to: the effects of global
macroeconomic conditions upon demand for our products, the
volatility and cyclicality of the industries the company serves,
and management’s ability to implement the re-alignment without
disruption to our employees, suppliers or customers. Additional
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 www.sec.gov. Copies may also be obtained from Advanced
Energy's website at www.advancedenergy.com or by contacting
Advanced Energy's investor relations at 970-407-6555.
Forward-looking statements are made and based on information
available to the company on the date of this press release. The
company assumes no obligation to update the information in this
press release.
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