U.S. Markets open in 6 hrs 12 mins

Denver-bound energy-device manufacturer strikes $400M expansion deal

Greg Avery
Denver-bound energy-device manufacturer strikes $400M expansion deal

Advanced Energy Industries Inc. (Nasdaq: AEIS), based in Fort Collins, is using a five-year term loan and cash on hand to purchase the power-supply manufacturing business of Artesyn Embedded Technologies, Inc. from Platinum Equity, the companies announced. The acquisition will boost Advanced Energy to more than $1.3 billion in annual revenue, based on 2018 sales by the two companies, and make the company a more diverse, profitable and growing powerhouse, said Yuval Wasserman, president and CEO of Advanced Energy. Last fall, Advanced Energy leased the top two floors of 1595 Wynkoop St. in downtown Denver for a 110-employee office that will be home to company executives and administrative functions.