Motech Industries Inc. (6244. TW) has signed an agreement to acquire GE Energy’s (NYSE: GE) Delaware solar module assembly operation. The plant, which is located in Newark, Delaware assembles crystalline silicon based photovoltaic modules and currently employs 75 people.
Financial terms were not disclosed.
With the acquisition, Motech will be granted the rights to use GE Energy’s module trademark for two years. In addition, Motech will assume the responsibility to provide warranty services to GE’s existing module clients.
Motech has been a supplier of solar cells to GE Energy for the past four years.
“We are pleased to announce this agreement to purchase the solar module operation from GE Energy” said Dr. Simon Tsuo, Chairman and CEO of Motech. “We will do our best to maintain the high quality and safety standards GE has established at this factory.”
The transaction is subject to customary closing conditions and is expected to close in early January 2010.
Motech Industries Inc. was founded in 1981 as a designer and manufacturer of test and measurement instruments. The company entered into solar cell production in 1999. Today, the company is the largest solar cell manufacturer in Taiwan and one of the top ten manufacturers worldwide in terms of production capacity and output.
Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM), one of the largest semiconductor manufacturers in the world, announced plans to purchase a 20% stake in Motech earlier this month.
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