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Solar Thin Films enters into LOI to acquire majority interest in BudaSolar Technologies

11 June 2008 | Thin Film: News From Around The Web | Source: Trading Markets


Solar Thin Films, a developer, manufacturer and marketer of manufacturing equipment for the production of "thin-film" amorphous silicon and CIGS photovoltaic modules, has signed a letter of intent to acquire a majority 60 percent interest in BudaSolar Technologies Co., for an initial $3 million in working capital funding, with an option to purchase the remaining 40 percent minority interest, based on a multiple of earnings, in the

BudaSolar is a developer of thin film technologies and manufacturing equipment headquartered in Budapest, Hungary. The agreement contemplates consolidation of the two companies into a single entity to be called STF Technologies, Zrt.  

The proposed consolidation, which joins BudaSolar operations with Kraft Elektronikai Zrt, Solar Thin Film s main operating subsidiary in Hungary, would strengthen the engineering team, secure local equipment manufacturing capacity, and expand production capability.  

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