Advanced Energy Industries, Inc. (Nasdaq GM: AEIS) today announced the creation of two focused business units within the company effective January 1, 2011.
The two business units, Thin Films and Renewables, will enable improved execution and a strategic focus on two distinct markets. Both business units will leverage the deep competencies in power conversion and energy management that Advanced Energy has developed in the last 25+ years.
“The re-alignment of AE’s businesses reflects the success of our strategy to maintain our leadership in thin film markets, while also expanding into high-growth renewable markets with our inverter product portfolio,” said Hans Betz, CEO of Advanced Energy. “The Thin Films business unit will serve principally our OEM and end customers in the semiconductor, flat panel display, solar module and other capital equipment markets, while the Renewables business unit will focus on string, commercial and utility-scale solar projects and installations, selling primarily to distributors, EPCs (Engineering, Procurement, and Construction contractors), developers, and utility companies. The creation of these two units will enable greater focus on each business’ unique needs and requirements, allowing each to expand and accelerate our growth by better serving each of these very different industries.”
The Thin Films business unit will be managed by Yuval Wasserman in addition to his role as the company’s President and Chief Operating Officer, and will be headquartered in Fort Collins, Colorado. Since joining Advanced Energy in 2007, Mr. Wasserman has leveraged his over 25 years of experience in the semiconductor industry and has been instrumental in AE’s growth strategy. The Thin Films business unit will consist of the company’s power conversion and thermal instrumentation products serving capital equipment markets including semiconductor, solar panel, and flat panel display.
The Renewables business unit headquartered in Bend, Oregon will be managed by Gregg Patterson in the role of Executive Vice President and General Manager effective January 1st. Mr. Patterson successfully grew PV Powered from a small residential business into a leader in the North American Solar Industry over the past four years. Mr. Patterson brings over 26 years of experience in the high tech industry having spent 22 years with Hewlett Packard leading various worldwide businesses prior to joining PV Powered. The Renewables business unit will include the PV Powered and Solaron solar inverter products that have set the standard for reliability, efficiency and LCOE performance in the worldwide markets they serve. Wasserman and Patterson will report directly to Hans Betz.
“We are excited to have these two industry veterans lead our business units in 2011,” said Dr. Betz. “Yuval’s extensive experience in successfully managing through cyclical thin film markets combined with Gregg’s knowledge of the renewables market and ability to build and manage a high growth business such as PV Powered will create new opportunities and enable us to execute on our growth strategy for 2011 and beyond.”