American Superconductor Corporation has announced it has signed a definitive agreement to acquire Windtec, a private company based in Klagenfurt, Austria that develops and licenses proprietary wind turbine system designs, and sells wind turbine electrical systems.
The transaction's closing is expected in January 2007. The Windtec purchase price is 1.3 million shares of AMSC common stock, valued at approximately US$12.4 million based on 28th November closing price. AMSC plans to retain Windtec's operations in Austria and its staff of approximately 35 employees, including Mr. Hehenberger, the company's founder, who will continue to lead Windtec's global business development and sales efforts. The transaction includes the acquisition of Mr. Hehenberger's 27 patents and patents pending worldwide on wind turbine technology. After closing, Windtec will be a wholly owned subsidiary of American Superconductor. Its financial results will be reported as part of AMSC's Power Electronic Systems business unit.