Applied Materials, Inc. (Nasdaq:AMAT), a leading supplier of equipment and services to the solar photovoltaic (PV) industry, has acquired substantially all the assets, including the intellectual property, of Advent Solar, Inc. for an undisclosed cash amount.
Advent Solar is a developer of advanced technology for crystalline silicon (c-Si) PVs. This acquisition is
Advent Solar has pioneered several innovations for producing c-Si cells and modules, including technology for streamlining module assembly processes and advanced efficiency device architectures. The company, founded in 2002, is headquartered in Albuquerque, New Mexico.
“We believe the acquisition of Advent Solar will increase our opportunities to provide innovative solutions for reducing module production costs,” said Dr. Mark Pinto, chief technology officer and general manager of Applied’s Energy and Environmental Solutions Group. “Combining Advent Solar’s PV technology with Applied’s expertise in automated wafering and cell production equipment, we expect to deliver systems that will enhance customers’ c-Si roadmaps and accelerate the reduction in cost per watt of solar electricity.”
After the close of this transaction, Advent Solar’s assets will be integrated with Applied’s Energy and Environmental Solutions Group.
Cutbacks Announced
On Wednesday Applied Materials announced palns to reduce its
global workforce by approximately 1,300 to 1,500 positions, or 10% to 12%, over the next 18 months.
The
manufacturer of semiconductor and solar production equipment said the
cuts are part of cost reduction initiatives and a restructuring
plan expected to achieve total annualized cost savings of approximately
$450 million.
Applied Materials annouced the cutbacks in conjuction with 4Q09 and full-year financial figures. The company reported net sales of $1.53 billion and GAAP net income of
$138 million or $0.10 per share. For its fiscal year ended Oct. 25,
2009, the company reported net sales of $5.01 billion and a GAAP net
loss of $305 million or $0.23 per share.
Applied Materials CEO Mike Splinter stated in a conference call that he
is still wary of the overall state of the economy. "I would say we
haven’t recovered yet. We still have a fragile global economy," he
said, adding that Applied’s customer base has "consolidated
substantially."
Nonetheless, the company forecast net sales grow of more than 30% in fiscal 2010.
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