AMSC – a provider of wind turbine electronic controls and systems, designs and engineering services – has entered into a purchase and sale agreement for its Devens, Mass., building, which has served as the company’s headquarters.
The company says the agreement was made with 64 Jackson LLC for the sale of the real property, located at 64 Jackson Rd. Pursuant to the terms of the agreement, AMSC has agreed to sell the real property for a total consideration of $23 million. The transaction is expected to close at the end of March.
Last week, Sinovel, a China-based manufacturer and exporter of wind turbines, was convicted of stealing trade secrets from AMSC back in March 2011.
“Our cost-reduction initiatives earlier in the fiscal year, together with our footprint reduction underway, are expected to improve our operating cost basis in fiscal 2018,” says Daniel P. McGahn, president and CEO of AMSC. “We are all excited at AMSC to begin this new chapter.”