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Stock Market & Financial Investment News

News Breaks
May 8, 2014
05:27 EDTAEISAdvanced Energy announces new $25M share repurchase program
Advanced Energy Industries announced that its board has authorized the company to repurchase up to $25M of its common stock over the next 12 months.
News For AEIS From The Last 14 Days
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June 29, 2015
16:32 EDTAEISAdvanced Energy to wind down Solar Inverter business
Advanced Energy Industries announced that it has made a strategic decision to focus solely on its Precision Power business and wind down its Solar Inverter business, which is operated under AE Solar Energy Inc., AEI Power GmbH and their subsidiaries. Advanced Energy expects to record a pre-tax charge of approximately $260M-$290M related to the wind down of the Solar Inverter business operations, the majority of which will be recorded in the second quarter. Of this write down, approximately $150M relates to the impairment of goodwill and intangibles, $45M-$75M to the write down of inventory, fixed and other assets, $15M for employee termination cost, $10M for tax valuation allowances and the remaining $40M for other costs to exit the business. Cash costs for severance and other expenses related to this decision are expected to range from $30M-$45M of which we expect $20M-$30M will be in 2015 with the remainder in subsequent years. These costs will be recorded as impairment and restructuring charges on the company's income statement. The company plans to fund the cash costs through internally generated funds. Over the past six months the company has engaged in a rigorous process exploring and evaluating various strategic alternatives for the Solar Inverter business, including a potential sale, joint venture, partnership, spin-off, licensing and other alternatives. To date, strategic discussions with third parties regarding the sale of the entire business have not provided sufficient value and terms that were in the best interest of our shareholders, customers, employees and partners. Therefore, the company has made the decision to wind down the Solar Inverter business. The company anticipates an orderly wind down of the Solar Inverter business, with AE Solar Energy Inc., AEI Power GmbH and their subsidiaries supporting their customers, the installed base and fulfilling customer purchase orders on hand.

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