GT Solar Acquires Crystal Systems
MERRIMACK, N.H., Aug. 9, 2010 — GT Solar International Inc. announced the acquisition of privately-held Crystal Systems Inc., a crystalline growth technology company that manufactures high-quality, large area sapphire substrates used in the LED, defense, medical and aerospace industries.
Complimenting its silicon growth technologies, the acquisition is anticipated to allow GT Solar to quickly deliver products that leapfrog sapphire crystallization technology available from other suppliers, the company said.
Under the terms of the agreement, the Salem, Mass.-based company was purchased for approximately $24 million in cash, 5.4 million shares of GT Solar common stock and a $21 million cash earn-out. The earn-out provision is based on the attainment of certain financial and technical targets.
GT Solar provides polysilicon production technology, crystalline ingot growth systems and related photovoltaic manufacturing services for the solar industry.
For more information, visit: www.gtsolar.com