Advanced Energy Industries Inc. today announced it has acquired HiTek Power Group (HiTek), a privately-held provider of high voltage power solutions. Based in the United Kingdom, the company offers a comprehensive portfolio of high voltage and custom built power conversion products ranging from 100-V to 500-kV designed to meet the demanding requirements of OEMs worldwide. These products target applications including semiconductor wafer processing and metrology, scientific instrumentation, mass spectrometry, industrial printing, and analytical x-ray systems for industrial and analytical applications.
HiTek’s unique product architecture, encapsulation technology and control algorithms combined with its deep knowledge of its customer-specific applications have made it a leading provider of critical, high-end, high voltage power solutions. We expect this acquisition to be accretive within the next year and accelerate Advanced Energy’s revenue and profitability over time.
“Today’s announcement demonstrates our continuing commitment to accelerating profitable revenue growth in current and new markets by adding additional precision power conversion products and technologies to our business,” said Yuval Wasserman, President of Thin Films. “From its OEM-oriented business model, to its shared semiconductor customers, familiar manufacturing process, and complementary engineering skills, HiTek strengthens our position. We plan to expand HiTek’s high voltage offerings into new geographical regions by capitalizing on our established global distribution network.”
— Solar Builder magazine