Two new business units focused on Thin Film and Renewable Energy markets formed to accelerate growth.
FORT COLLINS, Colo.,
Advanced Energy Industries, Inc. (Nasdaq GM: AEIS) today announced the creation of two focused business units within the company effective January 1, 2011. The two business units, Thin Films and Renewables, will enable improved execution and a strategic focus on two distinct markets. Both business units will leverage the deep competencies in power conversion and energy management that Advanced Energy has developed in the last 25+ years.
“The re-alignment of AE’s businesses reflects the success of our strategy to maintain our leadership in thin film markets, while also expanding into high-growth renewable markets with our inverter product portfolio,” said Hans Betz, CEO of Advanced Energy. “The Thin Films business unit will serve principally our OEM and end customers in the semiconductor, flat panel display, solar module and other capital equipment markets, while the Renewables business unit will focus on string, commercial and utility-scale solar projects and installations, selling primarily to distributors, EPCs (Engineering, Procurement, and Construction contractors), developers, and utility companies. The creation of these two units will enable greater focus on each business’ unique needs and requirements, allowing each to expand and accelerate our growth by better serving each of these very different industries.
The Thin Films business unit will be managed by Yuval Wasserman in addition to his role as the company’s President and Chief Operating Officer, and will be headquartered in Fort Collins, Colorado. Since joining Advanced Energy in 2007, Mr. Wasserman has leveraged his over 25 years of experience in the semiconductor industry and has been instrumental in AE’s growth strategy. The Thin Films business unit will consist of the company’s power conversion and thermal instrumentation products serving capital equipment markets including semiconductor, solar panel, and flat panel display.
The Renewables business unit headquartered in Bend, Oregon will be managed by Gregg Patterson in the role of Executive Vice President and General Manager effective January 1st. Mr. Patterson successfully grew PV Powered from a small residential business into a leader in the North American Solar Industry over the past four years. Mr. Patterson brings over 26 years of experience in the high tech industry having spent 22 years with Hewlett Packard leading various worldwide businesses prior to joining PV Powered. The Renewables business unit will include the PV Powered and Solaron solar inverter products that have set the standard for reliability, efficiency and LCOE performance in the worldwide markets they serve. Wasserman and Patterson will report directly to Hans Betz.
“We are excited to have these two industry veterans lead our business units in 2011,” said Dr. Betz. “Yuval’s extensive experience in successfully managing through cyclical thin film markets combined with Gregg’s knowledge of the renewables market and ability to build and manage a high growth business such as PV Powered will create new opportunities and enable us to execute on our growth strategy for 2011 and beyond.”
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.
This press release contains statements regarding Advanced Energy’s organizational plans, as well as the company’s expectations regarding the business units to be formed in 2011. These statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including whether and how quickly the company might realize the benefits of the organizational plans discussed in this press release. Such risks and uncertainties include, but are not limited to: the effects of global macroeconomic conditions upon demand for our products, the volatility and cyclicality of the industries the company serves, and management’s ability to implement the re-alignment without disruption to our employees, suppliers or customers. Additional risks are described in Advanced Energy’s Form 10-K, Forms 10-Q and other reports and statements filed with the Securities and Exchange Commission. These reports and statements are available on the SEC’s website at www.sec.gov. Copies may also be obtained from Advanced Energy’s website at www.advanced-energy.com or by contacting Advanced Energy’s investor relations at 970-407-6555. Forward-looking statements are made and based on information available to the company on the date of this press release. The company assumes no obligation to update the information in this press release.