Roth And Rau Take Over Dutch Solar Company
Roth & Rau AG is to take over from the OTB Group B.V., Eindhoven, Netherlands, 100% of the shares in that company's subsidiary OTB Solar B.V. (OTB). OTB's product portfolio consists of systems and technologies for the solar industry, especially antireflective coating systems and turnkey production lines for use in the manufacture of crystalline silicon solar cells. Moreover, OTB's core competencies also include high-rate PECVD coating processes and industrial ink-jet printing applications with interesting potential for use in the production of new, high-efficiency solar cells. All of OTB's products, like those of Roth & Rau, are based on inline production.
The acquisition will enable Roth & Rau AG to increase its market share as an equipment supplier for crystalline solar technology and in its turnkey business. What's more, the company has secured access to new competitive technologies and is thus pressing further ahead with expanding its product portfolio.
"OTB's products optimally supplement our technology portfolio and will significantly contribute towards boosting our turnkey business. We also expect to generate synergies by integrating OTB's product development capacities and its project management team, with its successful track record on the market", commented Dr. Dietmar Roth, CEO of Roth & Rau AG.
"Like cell and module manufacturers, equipment suppliers are also undergoing a far-reaching process of consolidation," added company CFO Carsten Bovenschen. "At the end of the day, there will only be a small number of providers with high process expertise, a global presence and the critical mass to negotiate with customers on equal terms. We see the takeover of OTB as a further consistent step within our growth strategy".
"We are pleased that we will have a partner as economically and technologically strong as Roth & Rau at our side in future," commented Paul Breddels, CEO of the OTB Group. "By making joint use of service and sales structures and by harmonising our technologies we will be able to serve our customers even better in future."
The purchase price amounts to € 35.5 million (including takeover of financial liabilities). Of this sum, an amount of € 30.0 million will be settled by issuing new Roth & Rau shares by way of a capital increase in return for non-cash contributions. The capital increase in return for non-cash contributions will be executed from Authorised Capital II to the exclusion of subscription rights. The new shares will be subject to a lockup period of 16 months following issue. The remaining € 5.5 million will be paid in cash. OTB had orders on hand of around € 50 million as of 31 January 2010. Accounting for the necessary restructuring charge, Roth & Rau AG expects to generate synergy effects in terms of costs and to see positive earnings contributions from OTB from the 2011 financial year onwards.
