American Superconductor Corp. (AMSC) has signed a definitive agreement to acquire The Switch Engineering Oy, a power technologies company headquartered in Finland. The acquisition, worth approximately $265 million, is expected to be immediately accretive and support AMSC's growth to $1 billion in annual revenues.
With sales of both power converter systems and permanent magnet generators to wind turbine manufacturers in China, Europe, Korea and the U.S., this acquisition will diversify AMSC's customer base and channels to market.
‘With highly complementary engineering capabilities and product offerings, the combination of The Switch and AMSC will provide significant additional value for our customers, partners and investors,’ says Greg Yurek, founder and CEO of AMSC.
The Switch focuses on the production of power-converter systems (PCS), which are a subsystem of full wind turbine electrical control systems (ECS). By joining forces with The Switch, AMSC also sees the opportunity to further enhance the performance and reduce the cost of its PCS and ECS offerings, according to the company. The Switch today offers PCS with power ratings ranging from 1 MW to 6 MW.
SOURCE: American Superconductor Corp.