In a bid to offer the widest range of PV module encapsulant materials in the photovoltaics market, Solutia is acquiring ethylene vinyl acetate (EVA) encapsulant specialist Etimex Solar for €240 million in cash and additional debt. The transaction is expected to close during the second quarter of 2010. By combining EVA with its existing polyvinyl butyral (PVB) encapsulant capabilities Solutia claims to be the world’s only one-stop source for solar encapsulant solutions.
“This acquisition is a solid step forward that strengthens our core competencies, expands our end markets and supports Solutia’s growth strategy,” said Jeffry N. Quinn, chairman, president, and CEO of Solutia. “Renewable energy is an acknowledged source of long-term growth that fits well with Solutia’s businesses, and the combination of EVA and PVB encapsulant manufacturing capabilities will result in access to additional opportunities. I am extremely excited about Etimex Solar and the role it will play in Solutia’s future success.”
Solutia noted that Etimex’s ‘VistaSolar’ products, manufactured in Dietenheim, Germany, reported 2009 net income of US$31 million and 2009 EBITDA of approximately $34 million.