Yaskawa Electric to buy Finnish wind turbine maker The Switch
Jul 2, 2014 - Japanese electrical equipment manufacturer Yaskawa Electric Corp (TYO:6506) said today it had agreed to buy Finnish wind turbine components maker The Switch Engineering Oy for an undisclosed sum.
In a separate statement, Finnish inverters maker Vacon Oyj (HEL:VAC1V) said it is selling its interest in The Switch to the Japanese company. At present, Vacon holds 14% directly in The Switch and owns a further 5% interest through the investment fund Power Fund I.
Yaskawa noted it had decided to acquire this business in view of the strong relationship between the two companies since September 2013. It expects the transaction to be finalised at the start of the third quarter.
The Switch is engaged in the production of generators and converters for wind turbines along with energy efficient solutions for other renewable energy systems. It will continue to partner with Vacon in the renewables field following the sale.