SCHOTT to Acquire RWE Shares in RWE SCHOTT Solar

September 19, 2005 by Jeff Shepard

RWE SCHOTT Solar Inc. (RSS, Rocklin, CA), a manufacturer and distributor of solar-electric modules and photovoltaic (PV) systems, reported that effective October 1, 2005, SCHOTT AG (Mainz, Germany) will acquire the 50 percent share that joint venture partner RWE Solutions AG (Neu-Isenburg, Germany) holds in RWE SCHOTT Solar GmbH (Alzenau, Germany). The move means that SCHOTT will become the sole shareholder in the joint venture, first formed in 2002. The company will conduct business under its new name, SCHOTT Solar GmbH (SCHOTT Solar Inc. in the United States), and its main office will remain in Alzenau. Completion of the transaction is subject to approval by German antitrust authorities.

The acquisition of the shares held by RWE means that the company can now be completely integrated into the SCHOTT Group. SCHOTT Solar will operate a manufacturing facility in Billerica, MA, and a sales office in Rocklin, CA, in addition to the existing international facilities.

"By completing the acquisition of RWE SCHOTT Solar Inc., we will be able to intensify our company’s activities in the field of solar energy. We strongly believe in this promising field. Solar technologies offer vast potential for sustainable energy supply. As a global technology leader, we are looking forward to participating in the growth of this exciting market and we’ll work to set international benchmarks," said SCHOTT AG Management Board Chairman Udo Ungeheuer.

RWE Solutions AG Management Board Chairman Michael Stadler stated, "SCHOTT and RWE Solutions have been successful in advancing PV solar electricity technology over the past few years. Now that large-scale industrial production has commenced, this represents the perfect point in time for us to transfer our shares to SCHOTT AG. RWE does not view itself to be a manufacturer of power plants, but rather is focusing its business on energy generation and supply."