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8-K - FORM 8-K - ADVANCED ENERGY INDUSTRIES INC | d76945e8vk.htm |
EX-99.1 - EX-99.1 - ADVANCED ENERGY INDUSTRIES INC | d76945exv99w1.htm |
Exhibit 99.2
FOR IMMEDIATE RELEASE
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CONTACT: |
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Danny Herron
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Annie Leschin/Vanessa Lehr | |
Advanced Energy Industries, Inc.
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Advanced Energy Industries, Inc. | |
970.407.6570
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970.407.6555 | |
danny.herron@aei.com
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ir@aei.com |
ADVANCED ENERGY COMPLETES SALE OF ITS AERA MASS FLOW BUSINESS TO HITACHI MEDALS, LTD.
FORT COLLINS, Colo., October 18, 2010Advanced 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.