28/04/2014 20:43PM Australia/Sydney
BANGALORE, India (BUSINESS WIRE)
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
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
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.