Advanced Energy Acquires Versatile Power
Advanced Energy (Nasdaq: AEIS) has completed the acquisition of Versatile Power, a California-based provider of RF and programmable power supplies for medical and industrial uses. This acquisition enhances AE's footprint in the medical sector through advanced technologies and a skilled team. CEO Yuval Wasserman noted that Versatile Power's expertise aligns with their strategy to grow in medical equipment. The deal is expected to be accretive to earnings within the year, although terms of the acquisition remain undisclosed.
- Acquisition of Versatile Power expands AE's presence in the medical market.
- Enhances product portfolio with proven RF power supply technologies.
- Expected to be accretive to earnings within the current year.
- None.
Advanced Energy (Nasdaq: AEIS), a global leader in highly engineered, precision power conversion, measurement, and control solutions, today announced that it has completed the acquisition of Versatile Power, a Campbell, California-based provider of radio frequency (RF) and programmable power supplies for medical and industrial applications. This strategic acquisition further expands AE’s presence in the medical market by adding proven technologies, deep customer relationships, and a talented technical team with expertise in medical design and a medical-certified manufacturing center.
“Versatile Power brings a long history in providing RF power supplies for therapeutic applications, consistent with our strategy to accelerate our presence in the medical equipment industry," said President and CEO Yuval Wasserman. “We continue to use strategic acquisitions to expand our reach and content by enhancing our portfolio of products and technologies.”
The Company expects this small acquisition to be accretive to earnings within this year. Terms of the acquisition were not disclosed; management will provide more details during the fourth quarter 2020 earnings conference call in February.
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 more than three 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210108005021/en/
FAQ
What is the significance of Advanced Energy's acquisition of Versatile Power?
How will the acquisition of Versatile Power impact AEIS's earnings?
When will more information about the acquisition be available?
What type of products does Versatile Power specialize in?
