Advanced Energy Industries, Inc. (Nasdaq: AEIS), a provider of highly engineered, precision power conversion, measurement and control solutions, completes the previously announced acquisition of SL Power Electronics Corporation from Steel Partners Holdings L.P. (NYSE: SPLP). The acquisition adds complementary products to Advanced Energy’s medical power offerings and extends its presence in several advanced industrial markets.
“The addition of SL Power expands our offerings for industrial and medical applications,” said Steve Kelley, president and CEO of Advanced Energy. “I believe SL Power’s strong customer base, complementary product portfolio, and highly skilled team make it an ideal fit for Advanced Energy.”
The acquisition of SL Power Electronics is expected to be accretive to 2022 earnings on a non-GAAP basis and to generate over $4 million of annualized cost synergies. Management intends to provide more detail on the forward-looking benefits of this acquisition when it announces the first quarter financial results on May 4, 2022.
