American Electric Technologies, a leading supplier of power delivery
solutions for the global energy industry, announced it completed
the sale of its American Access Technologies (AAT) business to
Fabricating Technologies, LLC on August 15, 2014 for $2.3 million in
cash. The sale did not include AAT's real estate which was leased to
the purchaser.
Based in Keystone Heights, Florida, AAT is a precision sheet metal
fabrication services company primarily focused on the industrial and
commercial markets in the greater Southeastern United States.
"AAT has great products and people, but it is not a strategic business
for us," said Charles Dauber, AETI president and CEO. "The sale gives
AAT and its employees a new owner that can capitalize on the things AAT
does well. The sale will also strengthen our operating results as AAT
had been a drag on our earnings in recent periods."
