30 Jun '15, 1pm

Under intense competitive pressure, Advanced Energy drops #solar business

Advanced Energy Industries Inc. (AE) is closing down its solar inverter business, which is operated under AE Solar Energy Inc., AEI Power GmbH and their subsidiaries. The company says it will focus exclusively on its Precision Power business. The Coloradoan reports that the decision will result in layoffs from AE's Fort Collins, Colo.-based U.S. operations. AE says it expects to record a pre-tax charge of approximately $260 million to $290 million related to the elimination of the solar inverter business operations, the majority of which will be recorded in the second quarter. Of this write-down, approximately $150 million relates to the impairment of goodwill and intangibles; $45 million to $75 million to the write-down of inventory, fixed and other assets; $15 million for employee termination cost; $10 million for tax valuation allowances; and the remaining $40 million f...

Full article: http://www.solarindustrymag.com/e107_plugins/content/cont...

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