|By Business Wire||
|April 28, 2014 06:43 AM EDT||
AEG Power Solutions (FWB:3W9), a global provider of power electronics systems and solutions for industrial power supplies and renewable energy applications, today announced that it has sold its Indian subsidiary, AEG Power Solutions India PVT Ltd., to TOSHIBA MITSUBISHI-ELECTRIC INDUSTRIAL SYSTEMS CORPORATION（TMEIC), based in Tokyo, Japan, who is expanding its activities on the Indian domestic market.
AEG PS’s Indian facility is mainly focused on solar inverters manufacturing for the Indian market. The state of the art 80,000 sq. ft. production site in Bangalore has a capacity to manufacture products generating 400 MW per year. The business sold involves both manufacturing and sales and represents annual revenues of €12.39 million and 85 employees.
This sale is part of AEG PS’s ongoing restructuring efforts and
concentration on its core areas of competitive strength. “The AEG PS
Group is continuing to concentrate its scope and efforts on its core
businesses and markets. This divesture is a significant milestone in the
ongoing reorganization process of AEG Power Solutions. We are delighted
to have a partner that will continue to provide to our customers an
equally high standard of capability and expertise as well as give a long
and prosperous future for the highly talented Indian colleagues. TMEIC
will offer our Indian facility the volume and depth to continue their
growth and development”, said Jeffrey Casper, CRO and member of the
Board of Directors.
Under the agreement, TMEIC has acquired 100% of the share capital of AEG Power Solutions India PVT Ltd.
-- End of Announcement --
About AEG Power Solutions
AEG Power Solutions (AEG PS) Group is a global provider of power electronics systems and solutions for all industrial and demanding commercial power requirements offering one of the most comprehensive product and service portfolios in the area of uninterruptible power supply and power management.
Thanks to its distinctive expertise bridging both AC and DC power technologies and spanning the worlds of both conventional and renewable energy, the company creates innovative solutions for next generation distributed power generation.
AEG Power Solutions Group is the sole subsidiary of the holding company 3W Power S.A. (WKN A0Q5SX / ISINLU0953526265), based in Luxembourg. The Group is headquartered in Zwanenburg in the Netherlands. The shares of 3W Power are admitted to trading on Frankfurt Stock Exchange (ticker symbol: 3W9).
For more information, visit www.aegps.com.
About Toshiba Mitsubishi-Electric Industrial Systems Corporation
Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC) was formed in 2003 from the merger of the industrial systems departments of Toshiba Corporation and Mitsubishi Electric Corporation. TMEIC manufactures and sells variable frequency drives, motors, and advanced automation systems for a range of industrial applications.
We drive industry.
For more information: www.tmeic.com
This communication does not constitute an offer or the solicitation of an offer to buy, sell or exchange any securities of 3W Power. This communication contains forward-looking statements which include, inter alia, statements expressing our expectations, intentions, projections, estimates, and assumptions. These forward-looking statements are based on the reasonable evaluation and opinion of the management but are subject to risks and uncertainties which are beyond the control of 3W Power and, as a general rule, difficult to predict. The management and the company cannot and do not, under any circumstances, guarantee future results or performance of 3W Power and the actual results of 3W Power may materially differ from the information expressed or implied in the forward-looking statements. As a result, investors are cautioned against relying on the forward-looking statements contained herein as a basis for their investment decisions regarding 3W Power.
3W Power undertakes no obligation to update or revise any forward-looking statement contained herein.