EMCORE Acquires Tecstar's Applied Solar Division
EMCORE Corp. (Somerset, NJ) announced that it has completed the acquisition of the Applied Solar Division business of Tecstar Inc. (Somerset, NJ). The acquisition will augment EMCORE's capability to penetrate the satellite communications sector and enable the company to provide satellite manufacturers with integrated satellite power solutions that improve satellite economics. Under the terms of the acquisition, which was completed by the parties on March 13, 2002, EMCORE paid approximately $20.0 million for Tecstar's Applied Solar Division, with additional financing for forgiveness of a debtor-in-possession loan, making the total purchase consideration approximately $21.0 million.
"EMCORE will now have the capability to provide satellite manufacturers with the unique combination of world-renowned solar cell technology and well-established solar panel heritage. Satellite manufacturers and solar array integrators will be able to rely on a single supply source that meets all of their satellite power needs," stated Reuben Richards, Jr., president and CEO of EMCORE.