US-based PV inverter specialist, Advanced Energy Industries (AE) has bought the industrial power control modules business of AEG Power Solutions, which was said to have annual revenue of around €14 million (US$19.1 million).
AE paid €22 million (US$30.1 million) in cash for the ‘Thyro-Family’ product line plus a one year cash earn-out of up to €1 million (US$1.37 million), should the EBITDA target for the product line be met in the first 12 months after closing of the deal.
As part of the deal, the factory in Warstein-Belecke, Germany where the power modules are built will continue to supply under AEG stewardship.
“With Advanced Energy Industries we found a strong and credible partner who will further develop the power control modules business,” said Jeffrey Casper, CRO and member of the Board of Directors of AEG Power. “This agreement is an important step to the ongoing reorganization of the AEG Power Solutions Group.”
AEG Power has been struggling financially since last year.