HOUSTON, June 27, 2016 (GLOBE NEWSWIRE) — American Electric Technologies, Inc. (Nasdaq:AETI), a leading provider of power delivery solutions for the global energy industry, announced it has sold its South Coast Electric Systems manufacturing operations to a newly formed division of Beier Integrated Systems of Mandeville, LA.
Beier Integrated Systems (Beier) will acquire the assets of the South Coast Electric operation including the company’s manufacturing plant and equipment in Bay St. Louis, MS, and the employees of the South Coast Electric operation will become employees of the newly formed division of Beier Integrated Systems.
AETI will retain the existing service organization and will continue to service marine and industrial customers along the Gulf Coast through its locations in Houma, LA and Beaumont, TX.
“This transaction enables AETI to both strengthen its balance sheet and simplify operations,” said Charles Dauber, AETI president and chief executive officer. “We appreciate all of the hard work from the South Coast team over these past 13 years, and know that the opportunity to become part of Beier will enable future growth opportunities as well.”
This transaction enables Beier to extend their marine vessel solution set to include electrical switchboards and panelboards. Beier provides sales, service and installation of integrated vessel control systems such as machinery and alarm monitoring, and dynamic positioning systems.
Proceeds from the transaction were not disclosed. The anticipated financial impact of the divestiture, including one-time costs, will be disclosed in AETI’s second-quarter earnings.
About AETI:
American Electric Technologies, Inc. (NASDAQ:AETI) is a leading supplier of power delivery solutions to the global energy industry. AETI offers M&I Electric™ power distribution and control products, E&I electrical and construction services, and marine vessel products and services. AETI is headquartered in Houston and has global operations in Beaumont, Texas, and Rio de Janeiro and Macae, Brazil. In addition, AETI has minority interests in two joint ventures, which have facilities located in Xian, China and Singapore. AETI’s SEC filings, news and product/service information are available at www.aeti.com.
CONTACT: Contact: Bill Brod 713-644-8182 [email protected]