FORT COLLINS, Colo., May 22, 2018 (GLOBE NEWSWIRE) -- Advanced Energy Industries, Inc. (Nasdaq:AEIS), a global leader in innovative power and control technologies, today announced it has acquired the electrostatic business of privately-held Monroe Electronics, Inc. located in Lyndonville, New York. For more than 50 years, Monroe’s electrostatic detection and measurement instrumentation has led in technology and quality, serving specific areas of testing and ongoing monitoring of ionization systems across a variety of applications. In addition, the non-contact electrostatic voltmeters and field meters complement those of Trek, AE’s most recent acquisition. Production of these electrostatic products will be integrated into the recently acquired Trek manufacturing facility in nearby Lockport, New York.
"Today's announcement comes on the heels of our acquisition of Trek and increases our technology and IP portfolio in the Specialty Power offerings, especially in the electrostatic applications space, capitalizes on our existing manufacturing capabilities at Trek and expands our total addressable market,” said Yuval Wasserman, president and CEO at Advanced Energy.
“We are very excited to bring this technical talent to the AE family. Monroe’s legacy experience in electrostatics metrology and mitigation allows us not only to enter adjacent markets, but offer customers a wider array of solutions,” said Mike McDonald, SVP of Specialty Power Products at Advanced Energy.
About Advanced Energy
Advanced Energy (Nasdaq:AEIS) is a global leader in innovative power and control technologies for high-growth, precision power solutions for thin films processes and industrial applications. Advanced Energy is headquartered in Fort Collins, Colorado, with dedicated support and service locations around the world. For more information, visit: www.advanced-energy.com.
About Monroe Electronics, Inc.
Incorporated in 1954 in Rochester, NY (Monroe County), Monroe Electronics started out as a custom engineering house, designing and manufacturing specialized instrumentation & systems for local industries. In the late 1950’s, Robert E. Vosteen, the Company’s founder invented a reliable, precise, drift-free method for non-contacting measurement of static electricity. This feedback electrostatic measurement technique became the international standard for measurements utilized in photocopier R&D, industrial monitoring, sensitive electronic assembly, bio-electric research, lightning warning, among many other areas. They currently offer a complete line of electrostatic measuring instruments including electrostatic voltmeters, electrostatic fieldmeters, coulomb meters and resistivity meters through a worldwide group of distributors and representatives. For more information, visit www.monroe-electronics.com
For more information, contact:
| Paul Oldham Advanced Energy Industries, Inc. (970) 407-6615 paul.oldham@aei.com | Rhonda Bennetto Advanced Energy Industries, Inc. (970) 407-6555 ir@aei.com |
Forward-looking Language
Certain statements in this press release, including, without limitation, statements regarding the future business, operating and financial condition of the Electrostatic Business and its products 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. Such risks and uncertainties include, but are not limited to: the successful integration of the operations and products of the Electrostatic Business; expectations surrounding the benefits of Electrostatic Business products; the retention of key employees; the total available market for Electrostatic Business products worldwide; expectations regarding sales performance of Electrostatic Business products; expectations surrounding the Electrostatic Business manufacturing model; as well as the effects of global macroeconomic conditions upon demand for such products. These and other 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. As reiterated previously, aspirational goals and targets discussed on conference calls or in the presentation materials should not be interpreted in any respect as guidance. The company assumes no obligation to update the information in this press release.