5N Plus, a producer of high-purity metals, compounds and wafers for electronic applications, has converted its US$3 million debenture with Sylarus Technologies into a 66.67% majority interest. 5N has also agreed to provide additional funding of US$766,000 in the form of secured debt, to enable the repayment of short-term debt contracted by Sylarus. The agreement will also see 5N’s Jean Bernier take on the role of general manager at Sylarus.
“We are excited by the opportunities that Sylarus brings to the group through their unique product offering,” said 5N Plus’ president and CEO, Jacques L'Écuyer. “They are one of the very few germanium substrate manufacturers qualified for space applications and are well positioned to take advantage of the anticipated growth in concentrator photovoltaics for terrestrial applications.
“5N Plus is now one of the leading producers of germanium with a full range of related products for the infrared optics, LED and photovoltaic markets as a result of Firebird's product portfolio and supply agreements with Teck Metals. Although the acquisition of Sylarus is not expected to be immediately accretive, as Sylarus gradually ramps up production and completes its development work, we expect that within a 24-month period it will have a positive impact on the earnings of the group.”