Solar Thin Films, Inc. and its subsidiary, KRAFT Elektronikai Zrt., announced they have acquired BudaSolar Technologies Co. Ltd. of Budapest, Hungary in the hope of increasing the customer base.
The conditions the companies set on were that Kraft would receive 100% of the share capital of BudaSolar and allow BudaSolar Stockholders 49% of the share capital of Kraft. Solar Thin Films, as a whole, will own 100% of the share capital of BudaSolar. Kraft has also agreed to five-year employment agreements with Kraft CEO Dr. Istvan Krafcsik and BudaSolar COO Attila Horvath.
In addition, Peter Lewis has stepped down as his position as CEO at Solar Thin Films and will become Group Vice President of the Equipment and Thin Films Division. He will now represent Solar Thin Films on the recently amalgamated company’s Board of Directors. Chairman Bob Rubin will become the new CEO of Solar Thin Films.
“We are very happy to bring together two complementary teams, both with significant expertise in equipment and processes associated with the production and installation of ‘turnkey’ amorphous silicon lines using a process that yields among the lowest cost solar modules available today world-wide,” said Rubin.