STR Holdings sells quality assurance business to UL for USD 275m
Sep 2, 2011 - US solar encapsulants maker STR Holdings (NYSE:STRI) has finalised the disposal of its quality assurance operations to Underwriters Laboratories (UL) for USD 275 million (EUR 193m) in cash plus USD 8 million of assumed cash.
The deal is in line with STR's plans to focus on its solar power business, it said in a statement on Thursday. The company used the proceeds to retire its credit facilities.
UL provides safety testing and certification services. The company runs testing and certification facilities for photovoltaic (PV) equipment in the US, China, Japan and Germany. It plans to open one in India as well.