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Amtech exits the solar business - finds a buyer in Dutch Foundation
The sale of the solar business will allow the company to fully focus growth strategies for its semiconductor and silicon carbide businesses.
Amtech Systems announces that the company has sold its solar business, Tempress, for what the company describes as a "nominal consideration" to Stichting Continuiteit Tempress, an independent foundation that was formed under Dutch law, effective January 22, 2020. In connection with this sale transaction, Amtech agreed to provide a term loan to Tempress in the principal sum of USD 2.25 million, which will be used to fund Tempress' working capital requirements and to facilitate the restructuring of its operations. Amtech says it expects to record a significant pre-tax loss and tax benefit on deconsolidation, as part of our fiscal Q2 financial statements. "For nearly one year, Amtech has undergone a robust process to sell Tempress. We were disappointed with the offers that emerged, as the terms were not favorable to us and most required a significant cash infusion from Amtech. By selling Tempress to a Dutch Foundation, we have established the parameters to give Tempress time to restructure and be sold in the future. We believe this approach is in the best interest of Amtech and our shareholders," says Ms. Lisa Gibbs, CFO of Amtech, in the press release. "With solar fully behind us, we are making changes to our executive team that will take us into the next phase of Amtech's future with a highly focused effort. I am excited to announce the promotion of Michael Whang to Chief Executive Officer, effective immediately. As Chief Operating Officer and in his prior roles, Michael has overseen our U.S. operations for many years and has also interacted with our investors. He has in-depth knowledge of the power semiconductor and SiC markets we serve, and he was instrumental in developing our power semiconductor and SiC strategic growth plan, which is the future of Amtech," adds Mr. J.S. Whang, Executive Chairman.
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