American Superconductor to buy Finnish company
DEVENS -- American Superconductor Corp., or AMSC, which makes equipment for power producers, said it has agreed to pay $265 million to buy The Switch Engineering Oy, a Finnish company that makes components for wind turbines.
The deal will expand AMSC's customer base and sales channel, it said. It expects the deal to add immediately to earnings.
The Switch makes power converter systems, which are a component of the wind turbine electrical control systems that AMSC sells.
AMSC is paying $186 million in cash and the rest of the purchase price in stock. It expects the deal to close by Aug. 31.
The Switch had $179 million in revenue last year. Devens-based AMSC has projected revenue of $430 million to $440 million for the fiscal year ending this month.