Energy Conversion Devices is growing through acquisition these days. The Rochester Hills-based manufacturer of thin-film flexible solar laminate solar panels is merging with California-based Solar Integrated Technologies, a deal that is expected to be set in stone within 60 days.
Solar Integrated Technologies builds integrated photovoltaic roofing systems. The acquisition is a logical move for Energy Conversion Devices, which has served as a customer of Solar Integrated Technologies for years.
To benefit its European operations and grow its U.S. market, Energy
Conversion Devices is paying $11.2 million cash and assuming Solar
Integrated Technologies debt. The deal is valued at $16.3 million.
Energy Conversion Devices is a subsidiary of United Solar Ovionic, which is also based in Rochester Hills.
Source: Energy Conversion Devices
Writer: Jon Zemke