Advanced Energy Industries, a global provider in highly engineered, precision power conversion, measurement, and control solutions, has completed the previously announced acquisition of SL Power Electronics Corporation from Steel Partners Holdings to bolster its medical offerings.

The acquisition adds complementary products to Advanced Energy’s medical power offerings and extends its presence in several advanced industrial markets.

“The addition of SL Power expands our offerings for industrial and medical applications,” says Steve Kelley, president and CEO, Advanced Energy. “I believe SL Power’s strong customer base, complementary product portfolio, and highly skilled team make it an ideal fit for Advanced Energy.”

The acquisition of SL Power Electronics is expected to be accretive to 2022 earnings on a non-GAAP basis and to generate over $4 million of annualized cost synergies. Management intends to provide more detail on the forward-looking benefits of this acquisition when it announces the first quarter financial results on May 4, 2022.

Advanced Energy’s power solutions are aimed to enable customer innovation in complex applications for a wide range of industries including healthcare, semiconductor equipment, industrial, manufacturing, telecommunications, and data center computing.

The company builds collaborative partnerships to meet technology advances and propels growth of its customers. It is headquartered in Denver, Colorado.