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Finnish manufacturer of wind power components bought out by US company
EUR 190 million paid for The Switch
The Finnish manufacturer of components for the wind energy industry, The Switch, is to be bought out by American Superconductor (AMSC). The companies announced on Monday that the deal would be worth EUR 190 million.
Competition authorities are expected to approve the deal by late August.
The Switch designs and manufactures permanent magnet generator and full-power converter packages for wind generators.
When a wind-powered turbine turns, its permanent magnet generator produces alternating current electricity, which is converted into electric current suitable for power grids.
While the wind power industry is its biggest client, The Switch also sells technical solutions applicable to other types of renewable energy, says CEO Jukka-Pekka Mäkinen.
Currently The Switch employs about 270 people. About 45 of them work in manufacturing, and the rest are in planning, administration, and maintenance.
Last year the company had a turnover of about EUR 134.6 million.
AMSC says that the result for The Switch in the last financial period was about EUR 11 million.