Oerlikon completes Solar sale
Oerlikon has announced the closing of the sale of its Solar business to Tokyo Electron Ltd. (TEL). The contract to divest the Solar business was signed on March 2, 2012. The transaction was structured as a cash deal in which TEL acquires 100 % of the shares of Oerlikon Solar and closed in line with the original expectations of the signed agreement resulting in cash proceeds for Oerlikon amounting to CHF 250 million.
"The closing of this transaction marks another important step in the optimization of our business portfolio. TEL, as a strategic buyer and leading supplier of semiconductor production equipment, is well suited to utilize the advantages of the thin film silicon solar technology in a sustainable and successful manner", said Dr. Michael Buscher, CEO of the Oerlikon Group.
Hiroshi Takenaka, President and CEO of TEL, commented, "We can look forward to further growth in demand for thin-film silicon photovoltaic panels, particularly for large-scale power generation, as a result of their superiority in actual energy generation in regions with abundant sunlight and the cost advantages. Oerlikon Solar has world-leading technology in this field relating to conversion efficiency and manufacturing costs. By combining its technologies with the advanced technologies that TEL has nurtured in the semiconductor production equipment business, we will be able to develop more competitive devices. This acquisition is an undertaking intended to establish the photovoltaic panel (PV) production equipment business as a new core business that will support TEL's growth strategy."
