Memc has made a payment of $66m in cash for the acquisition of Solaicx with its production facility in Portland, Oregon, plus an additional $10m to equal the amount recently invested in Solaicx by its existing security holders. The acquisition is expected to be accretive to earnings per share in 2011.
Through this acquisition, Memc has gained the proprietorship of continuous crystal growth manufacturing technology that yields monocrystalline silicon wafers for the PV solar industry. This is expected to help the company, which already has polysilicon and crystal operations in North America, with support offices around the world, to drive solar industry toward grid parity.
The company has issued special inducement grants under its shareholder-approved 2001 Equity Incentive Plan to retain certain Solaicx employees who will also receive restricted stock units valued at up to $2.358m, subject to their performance and time-based vesting beginning on the first anniversary of the closing.
Ken Hannah, president of Memc, said: “We are delighted to complete this acquisition and to welcome the employees of Solaicx.
“The acquisition brings to Memc talented people and cost-effective, proprietary process and equipment that expand our served market in the solar industry.”
