© nikm dreamstime.com Electronics Production | October 04, 2012
Cencorp acquires Sunweb Solar assets
Cencorp Oyj acquires Sunweb Solar's photovoltaic module business and related pilot production line, the Sunweb trademark as well as the patents and other intellectual property rights relating to the business.
The Memorandum of Understanding is non-binding. The purchase price stated in the MOU amounts to about one million Euros which will be paid partly in cash and partly in Cencorp shares. Purchase price paid in Cencorp shares is 4,000,000 registered Cencorp shares, which are, as a part of the transaction,valued at the price of EUR 0.12 per share. Purchase price paid in cash amounts to EUR 450,000. Sunweb Solar agrees not to sell its Cencorp shares received as purchase price payment within 12 months from the directing of the shares to Sunweb Solar. This MOU is a continuation of Memorandum of Understanding, signed with Avery Dennision and published on 21 August 2012, on acquiring Avery Dennison's conductive backsheet business into Cencorp. The pilot production line that is part of the transaction enables Cencorp to manufacture modules in small scale in Finland already in 2013. "Sunweb Solar has invested over 25 million Euros and serious development effort for several years in the technology which will be transferred to Cencorp. We are convinced that Cencorp with its technical know-how and capabilities as well as its manufacturing competencies has best possibilities to utilize the whole potential of our technology. We are extremely happy that our investments in the Sunweb technology will be successfully introduced in the market by Cencorp. It will enable Cencorp to play a leading role in the solar-market and will bring good interest for our investment in Cencorp shares", says Henk Roelofs, CEO from Sunweb Solar. The final terms of the transaction are still under negotiations and realization of the acquisition is not yet certain. Additionally, the transaction is still subject to several subjects such as due diligence and especially to Cencorp's short and long term financing required to run the business being acquired.