For more information, contact:

Mike El-Hillow Advanced Energy Industries, Inc. 970.407.6570

Cathy Kawakami Advanced Energy Industries, Inc. 970.407.6732 cathy.kawakami@aei.com

Advanced Energy Acquires Dressler HF Technik Gmbh

Fort Collins, Colorado (March 28, 2002)—Advanced Energy Industries, Inc. (Nasdaq: AEIS) today announced it has acquired Dressler HF Technik GmbH. Based in Stolberg, Germany, Dressler is a privately-held supplier of RF power solutions for plasma-based applications. The amount paid at closing was $16.75 million. Advanced Energy may pay an additional $3.25 million if Dressler is able to achieve key business objectives by March 30, 2003.

 

With a strong power product portfolio that includes a wide range of power levels and RF frequencies, Dressler will expand AE’s product offerings to customers in the semiconductor, data storage, and flat panel equipment markets. In addition, with inroads already made into the laser and medical markets, Dressler will be used to explore new market opportunities for AE.

Dressler will also strengthen AE’s presence in the European marketplace. Dressler has strong relationships with many European customers, who look to Dressler for strong technical capability, quality products, and highly responsive customer service. “We are excited to be adding such a strong player to our European infrastructure,” said Doug Schatz, Chairman and Chief Executive Officer of Advanced Energy. “I have known Ulrich Hansen, the founder and General Manager of Dressler, for many years, and have been impressed with Dressler’s reputation for quality and service. We look forward to the important contributions Ulrich and his team will make.”

“AE and Dressler are both highly regarded for their leading RF solutions. This acquisition creates a very strong combination that will be ideally positioned to serve AE’s global customer base,” said Ulrich Hansen, General Manager of Dressler. “The synergies in product technology, production efficiency, logistics and worldwide service will help AE to lead the field in competitiveness. I look forward to working closely with Doug to continue to grow our European business and to address new markets and applications in high growth areas,” added Mr. Hansen.

About Advanced Energy
Advanced Energy is a global leader in the development, marketing and support of components and sub-systems critical to plasma-based manufacturing processes used in the production of semiconductors, flat panel displays, data storage products, compact discs, digital video discs, architectural glass, and other applications that require precise thin-film processes.

AE offers a comprehensive line of technology solutions in power, flow and thermal management, plasma and ion beam sources, and integrated process monitoring and control to original equipment manufacturers (OEMs) and end-users around the world.

AE operates in regional centers in North America, Asia and Europe, and offers global sales and support through direct offices, representatives and distributors. Founded in 1981, AE is a publicly-held company traded on Nasdaq National Market under the symbol AEIS. For more information, please visit our corporate website: www.advanced-energy.com. For more information about Dressler HF Technik GmbH, please visit www.dressler.com.

Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward- looking statements represent the companies' reasonable judgments with respect to future events, but are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward- looking statements, including the possibility that the projections on which the companies relied to determine the advisability of the acquisition ultimately might not prove to have been accurate. The company is susceptible to fluctuations in quarterly and annual revenues and operating results and the volatility and cyclicality of the semiconductor and semiconductor capital equipment industries. These and other cautionary statements are discussed in Advanced Energy's SEC reports, including its Forms 10-Q and most recent annual report on Form 10-K, which are available from the SEC at www.sec.gov or Advanced Energy at 1625 Sharp Point Drive, Fort Collins, Colorado, 80525; 970-221-4670. Advanced Energy assumes no obligation to update the information in this press release.