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2011-10-07 12:00:00 CEST 2011-10-07 12:00:38 CEST REGULATED INFORMATION Vacon - Company AnnouncementAmerican Superconductor Corporation and The Switch agree on extension of completion of saleVacon Plc, Stock Exchange Release, 7 October 2011 at 13.00 am (EET) American Superconductor Corporation and The Switch agree on extension of completion of sale American Superconductor Corporation and The Switch Engineering Oy shareholders have agreed to extend the completion date of the agreement to 31 October 2011, with the option for an additional 30-day extension through to 30 November 2011 in order to American Superconductor Corporation time to secure the necessary financing for the completion of the transaction. The sale of the Switch Engineering Oy shares is expected to raise Vacon Plc's earnings per share by roughly about EUR 1.4 in 2011 once the transaction is completed. Vacon owns directly 14% of the shares of The Switch Engineering and has a further 5% holding in The Switch Engineering through the investment fund Power Fund I. Vacon Plc Further information: * Vesa Laisi, President and CEO, Vacon Plc, tel. +358 40 8371 510, email vesa.laisi(at)vacon.com * Sebastian Linko, Director, Corporate Communications and Investor Relations, Vacon Plc, tel. +358 40 8371 634, email sebastian.linko(at)vacon.com Vacon in brief: Vacon is driven by a passion to design, manufacture and sell only the best AC drives on the planet - and nothing else. AC drives can be used to control electric motors or to help generate power from renewable sources. Vacon has R&D and production units in Finland, the United States, China and Italy, and sales offices in 27 countries. In 2010, Vacon had revenues of EUR 338 million and globally employed 1,300 people. Vacon's shares (VAC1V) are listed and publicly traded on the Helsinki Stock Exchange. Driven by Drives, www.vacon.com Distribution: NASDAQ OMX Helsinki Financial Supervisory Authority Main Media [HUG#1552963] |
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