September 27, 2017
AMSC buys Washington cryo company for $4M
Grant Welker
AMSC, which is moving from this Devens office to a smaller facility in 2018, has acquired a cryo-cooling company.
Global energy solutions provider AMSC has acquired a Washington cryo-cooling company for $3.75 million, the company announced Tuesday.
AMSC, based in Devens, has purchsed Infinia Technology Corp. (ITC) of Richland, Wash. AMSC paid the selling stockholders an aggregate purchase price of $3.75 million including $100,000 in cash and 884,890 shares of AMSC’s common stock, the company said.
With the purchase, AMSC hopes to build on grid business offerings and control a key element of and expand the company’s ship protection systems margins.
The acquisition will add high performance cryo-cooling to AMSC’s products. ITC holds several government contracts, including with the U.S. Navy.
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