American Superconductor has announced that it completed its previously announced acquisition of Windtec on Friday, January 5, 2007.
Windtec, now a wholly-owned subsidiary of American Superconductor, is operated by the company's Power Electronic Systems business unit. For the 12 months ending December 31, 2006, Windtec estimates that its total revenues were approximately US$13 million and its net income was approximately US$1 million, or eight per cent of revenues. As of January 5, 2007, Windtec had approximately US$35 million of existing backlog, more than US$20 million of which AMSC expects to recognize as revenues in fiscal 2008, ending March 31, 2008. Going forward, Windtec's financial results will be reported as part of AMSC's Power Electronic Systems business unit.
