Applied buys Swiss solar technology player for $475M
By Colleen Taylor, Contributing Editor -- 6/26/2007
In the latest part of the company's quest to make solar energy more universally accessible, Applied Materials Inc. today announced that it has agreed to acquire HCT Shaping Systems SA, a privately held company based in Switzerland that claims to be the world's leading supplier of precision wafering systems used in manufacturing crystalline silicon (c-Si) substrates for the solar industry.
Under terms of the agreement, Applied will pay approximately $475 million (583 million Swiss francs) in cash for all of the outstanding shares of HCT. Applied said that the acquisition is part of the company's strategy to accelerate customers' ability to reduce the costs of photovoltaic (PV) cell manufacturing to make solar energy more competitive with grid electricity.
Indeed, Applied has showed no signs of backing down from its September 2006 decision to commit a chunk of its resources to becoming a major player in the solar realm. Earlier this month, Applied announced plans to install more than 20-kilowatts of solar power generation capability at its Harris Branch manufacturing center in Austin, Texas. In March, the company committed to installing 1.9-megawatts at its research campus in Sunnyvale, Calif.
"This acquisition aligns well with our overall strategy to drive down the cost-per-watt of solar power for c-Si and thin film applications," Mike Splinter, president and CEO of Applied Materials, said in a statement. "HCT will significantly expand our opportunities in the c-Si PV technology sector, which currently comprises 90 percent of solar panel production."
Completion of the transaction is subject to customary closing conditions, including receipt of certain non-U.S. regulatory approvals. The parties expect to close the transaction during Applied's Q4.
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