For more information, contact:

Richard Beck Advanced Energy Industries, Inc. 970.407.6204 dick.beck@aei.com

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

Fort Collins, Colorado (January 2, 2001)—Advanced Energy Industries, Inc. (Nasdaq: AEIS), today announced the completion of its acquisition of Engineering Measurements Company (EMCO). The acquisition was completed in an all-cash deal of approximately $30 million. EMCO shareholders will receive in the merger $7.09 for each share of EMCO they hold. The transaction will be accounted for using purchase accounting.

EMCO is a publicly held company in Longmont, Colorado that manufactures electronic and electro-mechanical precision instruments for measuring and controlling the flow of liquids, steam and gases.

"Our acquisition of EMCO is an important part of our strategy to integrate additional process components around the semiconductor manufacturing tool," said Doug Schatz, Chairman and Chief Executive Officer of Advanced Energy. "We look forward to leveraging EMCO's technology with our sales and marketing infrastructure and established customer relationships in order to support new opportunities for EMCO within the semiconductor industry."

About Advanced Energy
Advanced Energy (AE) is a global leader in the development, marketing, and support of technology solutions that are critical in the manufacture of semiconductors, data storage products, and flat panel displays. Original equipment manufacturers (OEMs) and end-users around the world depend on AE products when plasma-based technology plays a vital role in their manufacturing process. AE offers a comprehensive suite of key subsystems for vacuum process systems including power conversion and control solutions, process monitoring and machine control tools, ion-beam sources, dynamic temperature control products, and plasma abatement technologies. AE technology solutions are sold and supported globally by direct offices, representatives and distributors. Founded in 1981, AE is a publicly held company whose common stock is quoted on the Nasdaq National Market under the symbol AEIS.

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. Among the factors that could cause such different results are: AE might not be able to integrate the companies' operations successfully; integration of the companies' operations could result in unanticipated costs or substantial diversion of management's attention; and the projections on which the companies relied to determine the advisability of the merger ultimately might not prove to have been accurate. 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. The company continues to be susceptible to fluctuations in quarterly and annual revenues and operating results and the volatility and cyclicality of the semiconductor and semiconductor capital equipment industries. The company assumes no obligation to update the information in this release. Free copies of this and other documents are available from the SEC at www.sec.gov or Advanced Energy at 1625 Sharp Point Drive, Fort Collins, CO 80525; 970-221-4670.
SOURCE Advanced Energy Industries, Inc.
CONTACT: Richard Beck, 970-407-6204, dick.beck@aei.com, or Cathy Kawakami, 970-407-6732, cathy.kawakami@aei.com, both of Advanced Energy Industries, Inc