February 7 (Renewables Now) - Swiss solar industry supplier Meyer Burger Technology AG (SWX:MBTN) announced today it will sell its photovoltaic (PV) and specialised materials wafering equipment for CHF 50 million (USD 49.9m/EUR 43.9m) in cash.
The buyer is US-based Precision Surfacing Solutions (PSS), a supplier of equipment and services for surface enhancement technology that previously operated under the name Lapmaster Wolters Ltd. Meyer Burger noted that the deal with PSS includes an earn-out component based on certain revenue levels in 2019.
The transaction covers the Swiss firm’s wafering equipment business servicing the PV, semiconductor and sapphire glass industries. It includes significant parts of Meyer Burger’s existing production facilities in Thun, about 100 employees and the relevant service locations around the world.
The sale reflects Meyer Burger’s plan to further focus on its existing cell and module technologies business and especially on its Heterojunction and SmartWire Connection Technology (SWCT).
“Although Meyer Burger grew from its roots in the wafering industry, our main focus today is on PV cell coating and module connection technologies,” commented Hans Braendle, CEO of Meyer Burger.
PSS intends to keep production activities for PV wafering in China and maintain global service support for all current and future wafering customers globally, according to the announcement.
Completion of the transaction is expected towards the end of the first quarter of 2019.
(CHF 1.0 = USD 0.998/EUR 0.879)