Advanced Energy Industries, Inc. announced Monday that it would be getting out the business of making solar inverters. The move is likely to take hundreds of jobs from the Fort Collins area, according to the Coloradoan.
The company was founded in Fort Collins in 1980. Since then, it has grown to employ 1,583 people globally with a business focused on power and control technologies for solar power generation.
The news came after the company failed to find a suitor for its solar inverter business. The company will now wind down its inverter business to focus on precision power products like semiconductors.
In a statement, the company said it plans to spend $30 million to $45 million on severance and other expenses and $15 million in termination costs.