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Energy Conversion Devices buys California solar firm for $16M
Thursday, July 30, 2009
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Rochester
Energy Conversion Devices is growing through acquisition these days. The Rochester Hills-based
manufacturer of thin-film flexible solar laminate solar panels
is merging with California-based Solar Integrated Technologies, a deal that is expected to be set in stone within 60 days.
Solar Integrated Technologies builds integrated photovoltaic roofing systems.
The acquisition is a logical move for Energy Conversion Devices, which
has served as a customer of Solar Integrated Technologies for years.
To benefit its European operations and grow its U.S. market,
Energy Conversion Devices is paying $11.2 million cash and assuming Solar Integrated Technologies debt. The deal is valued at $16.3 million.
Energy Conversion Devices
is a subsidiary of United Solar Ovionic, which is also based in Rochester Hills.
Source: Energy Conversion Devices
Writer: Jon Zemke
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