Energy Conversion Devices Inc., a maker of thin-film flexible solar panels, will acquire Solar Integrated Technologies, Inc., for $16.3 million, the companies said in a statement Wednesday.
Energy Conversion would pay 6.75 pence or $0.11 for each share of Solar Integrated Technologies and will finance its buyout with existing funds. Energy Conversion also is assuming the company's debt obligations.
Energy Conversion said the merger will improve its field engineering and technical capabilities in rooftop solar for the Europe and U.S. solar markets.
Our combined organization will also be well positioned to meaningfully participate in the expected growth in the U.S. market, including under the stimulus plan. We are extremely pleased to welcome SIT's talented organization to our team, Mark Morelli, ECD's president and chief executive officer said in a statement today.
The deal still needs approval from Solar Integrated's shareholders but SIT's board of directors has unanimously recommended that shareholders vote in favor of the agreement, the companies said.