Energy Conversion Devices has completed its merger with Solar Integrated Technologies, which consisted of a $16 million-plus all-cash transaction. The building-integrated photovoltaic roofing systems company–a former customer of ECD’s Uni-Solar PV laminates with its own manufacturing facility in Los Angeles–now becomes a wholly owned subsidiary of ECD.
“This merger strengthens and diversifies our business,” said Mark Morelli, president/CEO of ECD. “This merger is an important element of our future growth plans as ECD transitions from manufacturing and selling a product to a company that provides complete solar solutions and value-added services.”
ECD says it will provide additional information on the strategic aspects of the merger during the company’s fiscal fourth-quarter and year-end press release and conference call scheduled for Aug. 27.