FII sells Switch Engineering
Finnish Industry Investment (FII), VNT Management and other shareholders have sold The Switch Engineering Oy to American Superconductor Corporation for €190m.
The Switch is a Finnish supplier of megawatt-class permanent magnet generator and full-power converter packages for wind power and other sectors.
It was established through the merger of three companies, Rotatek, Verteco and Youtility in 2006. Today, the company employs 280 people and generated €134m in revenue in 2010, with a profit margin of 12.5%. FII made its investment in the company in 2006.
American Superconductor Corporation is a Nasdaq-listed company that also operates in the wind energy business.
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