Advanced Energy Industries Inc., which once had its Solar Energy Business Unit based at its solar inverter factory in Bend, will be eliminating its solar inverter business, the company announced Monday.

The Fort Collins, Colorado-based company plans to concentrate on its precision power business, which makes power conversion products used in the semiconductor, flat-panel display and other industries, according to a news release.

In the simplest terms, solar inverters convert the sun’s energy collected by cells in a solar panel into the electricity needed to run homes and businesses.

Advanced Energy bought Bend-based PV Powered in May 2010 for up to $90 million.

PV Powered attracted nationwide attention in May 2008 when then-presidential candidate Barack Obama visited the company while campaigning in Bend. Ten months later, while promoting his renewable energy agenda, the president pointed to PV Powered as an example.

In 2011, the company employed 120 people, making it among the region’s 50 largest employers, according to Economic Development for Central Oregon.

But Advanced Energy announced layoffs at the Bend inverter plant in December 2011 as part of cost-cutting measures, and in 2013 it consolidated Bend manufacturing operations into a Fort Collins plant.

With operating losses growing in its solar inverter business, Advanced Energy announced Dec. 23 that it was exploring a sale of the product line. Inverter operating losses reached $52.4 million at the end of last year and $9.3 million for the first quarter of this year, according to filings with the Securities and Exchange Commission.

Overall, however, Advanced Energy reported nearly $47 million in profit for last year.

The company plans to wind down its inverter business and expects to take a pretax charge between $260 million and $290 million, according to the news release. Most of it will be recorded in the second quarter of this year.