AEG Power sells solar inverter manufacturing facility to Japan’s Toshiba Mitsubishi-Electric

AEG Power Solutions Group, a global provider of power electronics systems and solutions for industrial power supplies and renewable energy

applications, has sold its Bangalore-based subsidiary AEG Power Solutions India Pvt Ltd (AEG PS) to Japanese firm Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC), the company said in a release. It did not disclose the deal value.

This sale is part of AEG PS' ongoing restructuring efforts and concentration on its core areas of competitive strength. AEG PS is focused on manufacturing solar inverters for the Indian market. Its 80,000 sq ft production site in Bangalore has a capacity to manufacture products generating 400 MW per year.

"This divesture is a milestone in the ongoing reorganisational 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 talented Indian colleagues. TMEIC will offer our Indian facility the volume and depth to continue growth and development," said Jeffrey Casper, CRO and member of the board, AEG Power Solutions.

AEG Power Solutions Group, the sole subsidiary of the holding company 3W Power S.A., is headquartered in Zwanenburg in the Netherlands. The firm's customers include traditional power generation, oil, gas and petrochemical companies. Its activities consist of two operating segments: renewable energy and energy efficiency solutions.

Started in 2003, TMEIC was formed from the merger of the industrial systems departments of Toshiba Corporation and Mitsubishi Electric Corporation. The

firm manufactures and sells variable frequency drives, motors and advanced automation systems for a range of industrial applications.

(Edited by Joby Puthuparampil Johnson)

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