AMSC Extends Negotiations With Finnish Firm
Devens-based American Superconductor Corp. has extended negotiations with a Finnish company it hopes to acquire.
AMSC had reached a $273 million agreement in March to purchase The Switch Engineering Oy, which makes components for wind power and other renewable energy applications. However, its purchase agreement expired at the end of May.
But thanks to a newly negotiated agreement, the two parties now have until June 30 to finalize the deal, according to a filing with the Securities and Exchange Commission that was made public June 13.
AMSC said in the filing that the extension will allow it time to secure additional financing.
The Chinese government approved the transaction on May 26, according to the filing. The Finland-based Switch Engineering has facilities in China, as well as in Spain, Germany and New Hampshire, according to its website.
AMSC is expected to file its annual earnings report by June 15. It was supposed to file the annual report by June 1, but received a waiver until June 15 from the SEC. The company said it needed more time to prepare and audit its financial statements. The delay came in the wake of news that the Chinese firm Sinovel Wind Group Co. had refused to pay for certain contracted shipments last year.
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