The new facility will also accommodate the company’s US-based product management and sales teams and a new 10,000sqft research and development laboratory. The company has it on its agenda to install an additional 1GW of production equipment (presently on order) during the third quarter of 2011.
The closing on the purchase of the new facility is subject to the completion of due diligence and satisfaction of certain other customary conditions, expected to be completed by the end of the third quarter of 2010.
Upon the completion of the acquisition, the company will stop manufacturing operation at its facilities in Enfield and Somers, after moving its existing equipment into the new facility during the next 15 to 18 months. The new facility is estimated to accommodate up to 5.5GW of total capacity.
The company further plans to relocate its US corporate headquarters, from the current location in Enfield, Connecticut, to a new office complex in Enfield. The company plans for the existing location to serve a stand-alone facility for STR Quality Assurance, providing space for growth in that area.
Dennis Jilot, chairman, president and CEO of STR Holdings, said: “As the solar market continues to grow worldwide, and demand for our industry leading encapsulants increases, we are taking the necessary steps to increase production capacity to accommodate anticipated demand.”
