Advanced Energy, which employed about 400 people locally last year, makes solar invertors and thin-films products.
Advanced Energy said in a statement that it expects the acquisition of HiTek to be accretive within the next year and add to Advanced Energy’s revenue and profitability over time. HiTek’s products will expand Advanced Energy’s thin-films offerings.
The acquisition of HiTek marks Advanced Energy’s fourth in a year and a half. Financial terms of the deal were not disclosed.
“We’ve got our cadence going now,” Advanced Energy Chief Financial Officer Danny Herron said. “The buy-side understands we continue to execute on our strategy: We’ve said this is how we’re going to deploy cash, by buying companies that are going to be accretive within the first year.”
Company shares were up 1 percent to $23.03 in afternoon trading.
Founded in 1972, HiTek sells custom-built power conversion products to original equipment manufacturers worldwide. The Littlehampton, England, company employs about 125 people and has offices in Boston and Roedermark, Germany.
HiTek’s products target applications such as semiconductor wafer processing and scientific instrumentation.