Tuesday, October 9, 2007
Amtech Buys French Solar Automation Firm for $6.1M
Tempe, Arizona-based Amtech Systems Inc., a manufacturer of solar cell and semiconductor production and automation equipment, announced Tuesday that it has purchased R2D Ingenierie, a French solar cell and semiconductor automation equipment manufacturing company. Amtech said it acquired every outstanding share of R2D stock for a total price of some $6.1 million, plus future considerations contingent upon performance. Additionally, Amtech said it provided a $1 million infusion to build up R2D's solar business. Amtech added that many of R2D's key personnel have signed three-year employment agreements to remain with the company. Founded in 1989, R2D Ingenierie is based in Montpellier, France. It reported net revenues of approximately $4.9 million and an operating income of some $797,000 for the 2006 fiscal year, Amtech said.