Komax Group agrees to management buy out
The Komax Group has agreed to sell the Komax Solar Business Unit to the existing management team through a Management Buy Out (MBO). The MBO is structured as an asset deal. The new company is owned by the existing management team and Komax retains a minority.
This MBO satisfies the Komax Group Board of Director's earlier decision to sell off the Solar Business Unit and is a solution that respects the interests of all stakeholder groups. Since the same management team will be driving the business, the MBO assures that all existing and future Solar customers will experience a seemless transition and will continue to receive the same state of the art products and services they are accustomed to receiving from Komax Solar. The management team will be lead by Brian Micciche (President & CEO) as well as Pete Kostic (VP Sales) and Bill Duncan (VP Operations). The new company will maintain its global footprint and will move its corporate headquarters to it's existing York, PA USA facility.
Komax Solar has always been known as an innovator in the solar industry and has set the standard for many of today's cell interconnection technologies. The recently launched X3 is the latest offering in the Xcell series of "stringers" and will serve as the flag ship product for the new company. It represents the latest evolution of the Xcell family of stringers with a throughput which exceeds industry standards by 30% and a cost of ownership which is 18% below the competition's. It's many advanced features are the result of many years of experience combined with customer feedback.
Since there is no doubt about the long-term attractiveness of the solar business, the management team is confident that it will benefit from the incipient recovery in the equipment market. The new company is scheduled to begin operations toward the latter part of 2014, with all current and future orders to be seamlessly fulfilled by the new company. The shareholder structure in the new venture provides assurance to customers of a smooth transition
