April 28, 2014 - AEG Power Solutions today announced that it has sold its Indian subsidiary, AEG Power Solutions India PVT Ltd., to TOSHIBA MITSUBISHI- ELECTRIC INDUSTRIAL SYSTEMS CORPORATION(TMEIC). AEG PS’s Indian facility is mainly focused on solar inverters manufacturing for the Indian market. The state of the art 80,000 sq. ft. production site in Bangalore has a capacity to manufacture products generating 400MW per year. The business sold involves both manufacturing and sales and represents annual revenues of €12.39 million and 85 employees.
This sale is part of AEG PS’s ongoing restructuring efforts and concentration on its core areas of competitive strength. "The AEG PS Group is continuing to concentrate its scope and efforts on its core businesses and markets. This divesture is a significant milestone in the ongoing reorganization 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 highly talented Indian colleagues. TMEIC will offer our Indian facility the volume and depth to continue their growth and development", said Jeffrey Casper, CRO and member of the Board of Directors. Under the agreement, TMEIC has acquired 100% of the share capital of AEG Power Solutions India PVT Ltd.