Advanced Energy Strengthens Leadership in RF Process Power Solutions with Acquisition of TEGAM
June 02 2021 - 6:00AM
Business Wire
Acquisition of TEGAM adds metrology and calibration
instrumentation to Advanced Energy’s RF process power solutions in
semiconductor and advanced industrial markets
Advanced Energy (Nasdaq: AEIS) – a global leader in highly
engineered precision power conversion measurement and control
solutions – today announced that it has acquired Tegam Inc., a
leading provider of metrology and calibration instrumentation used
in semiconductor and advanced industrial markets. Based in Geneva,
Ohio, TEGAM strengthens Advanced Energy’s leadership in process
power by adding complementary RF power instruments and calibration
systems and further expands its presence in several advanced
industrial markets.
“We are pleased to welcome the TEGAM team to Advanced Energy,”
said Steve Kelley, President and CEO of Advanced Energy. “As the
pure play power leader, we are committed to delivering complete
solutions to our customers. With this acquisition, we further
extend our leadership in RF power by adding TEGAM’s
industry-leading metrology and calibration technologies that
contribute to the precise control and repeatability of RF power
delivery in plasma etch and deposition processes.”
“We are excited to join the Advanced Energy family,” said Andy
Brush, former CEO of TEGAM. “Combined, we will enhance the power
precision of our customers’ equipment.”
Under the terms of the agreement, Advanced Energy paid $18
million in cash for the acquisition, subject to customary
adjustments for net working capital. TEGAM generated approximately
$10 million in revenue for its fiscal year ending October 2020. The
company expects the acquisition to be accretive to 2021 earnings on
a non-GAAP basis.
About Advanced Energy
Advanced Energy (Nasdaq: AEIS) is a global leader in the design
and manufacturing of highly engineered, precision power conversion,
measurement and control solutions for mission-critical applications
and processes. AE’s power solutions enable customer innovation in
complex applications for a wide range of industries including
semiconductor equipment, industrial, manufacturing,
telecommunications, data center computing and healthcare. With
engineering know-how and responsive service and support around the
globe, the company builds collaborative partnerships to meet
technology advances, propel growth for its customers and innovate
the future of power. Advanced Energy has devoted four decades to
perfecting power for its global customers and is headquartered in
Denver, Colorado, USA. For more information, visit
www.advancedenergy.com.
Advanced Energy | Precision. Power. Performance.
Forward-Looking Statements
Certain statements in this press release, including, without
limitation, statements regarding the future business, operating and
financial condition of TEGAM and its products 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. Such
risks and uncertainties include, but are not limited to: the
successful integration of the operations and products of TEGAM;
expectations surrounding the benefits of TEGAM products; the
retention of key employees; the total available market for TEGAM
products worldwide; expectations regarding sales performance of
TEGAM products; expectations surrounding the TEGAM manufacturing
model; as well as the effects of global macroeconomic conditions
upon demand for such products. 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
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. As reiterated
previously, aspirational goals and targets discussed on conference
calls or in the presentation materials should not be interpreted in
any respect as guidance. The company assumes no obligation to
update the information in this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20210602005323/en/
For press inquires, contact:
Sian Cummings Advanced Energy Industries, Inc. (970) 407 6444
sian.cummings@aei.com
For investor relations, contact:
Brian Smith Advanced Energy Industries, Inc. (970) 407 6555
brian.smith@aei.com
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