US outfit SunPower is to acquire rival photovoltaic panel manufacturer SolarWorld Americas for an undisclosed price.
SunPower said it plans to ramp up operations at SolarWorld Americas facilities, as well as upgrade factories and provide increased working capital.
The deal, which is subject to US and German regulatory approvals and “other closing conditions”, is expected to close in the “next several months”, it said.
SunPower chief executive Tom Werner said: “The time is right for SunPower to invest in US manufacturing, and SolarWorld Americas provides a great platform for us to implement our advanced P-Series solar panel manufacturing technology right here in our home market.”
SolarWorld Americas chief executive Jurgen Stein said: “We are delighted that SunPower has agreed to inject fresh capital and their industry leading P-Series technology into SolarWorld Americas operations.”
Image: SunPower
SunPower snags US rival
By EBS