Solar Thin Films to acquire Solar Portables Business
Aug 28, 2013 - US-based firm Solar Thin Films Inc (OTCMKTS:SLTZ) said today it had agreed to take over thin solar products maker Solar Portables Business Inc, seeking to boost its revenues and product offering.
The purchase includes USD 4 million (EUR 3m) in ongoing projects plus USD 1 million in finished goods. Financial details were not disclosed.
Solar Thin Films is active in the waste-to-energy and solar power sectors, while it also makes shipping containers using the patented fiber reinforced plastics (FRP) technology. The buyer explained that the acquisition deal will fetch revenue in the current year when some of Solar Portables Business' work in progress is finalised. Furthermore the target company’s product is expected to enhance the value of the FRP shipping containers that Solar Thin Films is to produce for the Department of Defense and other customers as it will allow for the powering of the containers’ tracking and locking systems.
Closing of the transaction is expected in 30 to 45 days, subject to final documentation and other factors.
Earlier in August, Solar Thin Films said it would acquire domestic solar tracking technology firm KLC Green Energy Corp.