American Superconductor Corp. will snap up a Finnish firm for $265 million to expand its wind turbine business.
The Devens-based company announced today it has reached a deal to acquire The Switch Engineering Oy, which makes part of the electrical control systems that American Superconductor's Windtec unit sells to wind-turbine manufacturers such as U.S.-based GE and China's Sinovel.
The Switch has customers in China, Europe, South Korea and the United States.
"This combination will create a global wind powerhouse," said Greg Yurek, American Superconductor's founder and CEO, in a statement.
The purchase will push American Superconductor closer to its growth goal of $1 billion per year in revenue. The Bay State company has projected as much as $440 million in revenue in 2011. The Switch had $179 million in revenue in 2010.
