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Amtech to sell its SoLayTec solar business
Capital equipment manufacturer, Amtech Systems, says that it is selling its SoLayTec business as the first step in the previously announced plan to divest substantially all of its solar segment.
Amtech expects to report a gain on the sale this quarter and reduced losses from discontinued operations beginning in the fourth fiscal quarter. "we are pleased with the timely divestiture of SoLayTec. Following Amtech's March announcement to discontinue solar and to dedicate our resources to value-driving opportunities in our semiconductor and SiC/LED polishing businesses going forward, we engaged Oaklins SmallCap Adivsory B.V. located in the Netherlands, to advise on the divestiture of Tempress Holding B.V. Today, we are pleased to report that Oaklins is actively engaged in conversations with both private equity and strategic buyers," says Mr. J.S. Whang, Executive Chairman and Chief Executive Officer of Amtech, in a press release.