AYER, Mass., Feb. 01, 2018 (GLOBE NEWSWIRE) -- AMSC (Nasdaq:AMSC), a global energy solutions provider serving wind and power grid industry leaders, today announced it has entered into a purchase and sale agreement with 64 Jackson LLC for the sale of the real property located at 64 Jackson Road, Devens, MA, including the building that has served as AMSC’s headquarters.

Pursuant to the terms of the agreement, AMSC has agreed to sell the real property for total consideration of $23.0 million. The transaction is expected to close at the end of March 2018.

For more details regarding the transaction, please refer to the Company’s Current Report on Form 8-K which was filed today with the Securities and Exchange Commission.

“Our cost reduction initiatives earlier in the fiscal year, together with our footprint reduction underway, are expected to improve our operating cost basis in fiscal 2018,” said Daniel P. McGahn, President and CEO, AMSC. “We are all excited at AMSC to begin this new chapter.”

About AMSC (Nasdaq:AMSC)

AMSC generates the ideas, technologies and solutions that meet the world's demand for smarter, cleaner … better energy™. Through its Windtec™ Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency, and performance. AMSC's solutions are now powering gigawatts of renewable energy globally and are enhancing the performance and reliability of power networks in more than a dozen countries. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe, and North America. For more information, please visit www.amsc.com.