Schott Enters Photovoltaics - Schott acquires Applied PowerMarch 29, 2001 by Jeff Shepard
Schott Corporation (Yonkers, NY) announced today that it has acquired 100% of Applied Power Corporation (Lacey, WA), a wholly owned subsidiary of IDACORP (NYSE: IDA). The new company will be named Schott Applied Power Corporation. Terms were not disclosed. Schott has asked Applied Power management and employees to remain with the company. John Elting will remain Chief Operating Officer, and Sam Vanderhoof, who has a long-standing career in photovoltaics, will become the President of Schott Applied Power Corporation. "As we have pursued growth strategies for Applied Power we found that the major competitors in the solar industry all have a world-wide focus," said Jan Packwood, President and CEO of IDACORP. "We're largely a domestically-focused company, and we realized that the greatest opportunity for Applied Power's success would come with international ownership. We're pleased that Schott with its established global enterprise and outstanding technological expertise can provide that opportunity." Dr. Hans-Joachim Konz, Chairman of the newly acquired company remarked, "We are very excited about the future potential in photovoltaics. Applied Power is a highly respected company and a leader in its field, offering us the opportunity to participate in this dynamic market. Photovoltaics is an excellent fit with Schott's vision, which emphasizes that we will improve how people live and work through expert solutions. This acquisition is Schott's first step into the industry, and we will expand this business globally with the help of our worldwide sales organization."