Energy Conversion Devices & Solar Integrated Technologies Sign Definitive Merger Agreement
Energy Conversion Devices, Inc. (ECD) and Solar Integrated Technologies, Inc. (SIT) announced that they have signed a definitive agreement pursuant to which ECD will acquire SIT. Under the terms of the agreement, ECD will pay 6.75 pence in cash (or approximately $0.11) for each share of SIT or approximately $11.2 million. Including the assumption of SIT’s net debt obligations, the purchase price will be approximately $16.3 million. ECD plans to finance the acquisition from existing corporate funds.
Mark Morelli, ECD’s president and CEO said, "The acquisition of SIT enhances our BIPV value proposition by significantly improving our field engineering and technical capabilities in rooftop solar to better support our channel partners in Europe and the U.S. Our combined organization will also be well positioned to meaningfully participate in the expected growth in the U.S. market, including under the stimulus plan. We are extremely pleased to welcome SIT’s talented organization to our team."
"We are excited to join forces with the world’s leader in building integrated and commercial rooftop photovoltaics," stated R. Randall MacEwen, President and CEO of SIT. "As one of ECD’s largest customers, we have experienced first-hand the differentiated attributes of UNI-SOLAR® PV laminates, and their impressive power production performance in real world conditions. We see compelling synergies between SIT’s customer relationships, end market knowledge and system integration expertise and ECD’s focus on operational excellence."