Jul 3 2010
MEMC Electronic Materials, Inc. (NYSE: WFR), a global leader in the manufacture and sale of wafers to the semiconductor and solar industries, announced today that it has completed the acquisition of privately held Solaicx.
At closing, MEMC paid the initial merger consideration of $66 million in cash, plus an additional amount in cash of approximately $10 million that is equal to amounts that have recently been invested in Solaicx by its existing security holders. The acquisition is expected to be accretive to earnings per share in 2011.
"We are delighted to complete this acquisition and to welcome the employees of Solaicx," said Ken Hannah, President of MEMC Solar Materials. "The acquisition brings to MEMC talented people and cost-effective, proprietary process and equipment that expand our served market in the solar industry."
Solaicx, headquartered in Santa Clara, California, has approximately 80 employees and a large-scale production facility in Portland, Oregon.
As a result of the acquisition, MEMC now has proprietary continuous crystal growth manufacturing technology that yields low-cost, high-efficiency monocrystalline silicon wafers for the photovoltaic solar industry. MEMC also has low-cost polysilicon and crystal operations in North America, with support offices around the world that provide customers with industry-leading customer service. The acquisition advances MEMC's ability to drive solar industry toward grid parity.
Other Events
In connection with the acquisition of Solaicx, the Company granted special inducement grants under its shareholder-approved 2001 Equity Incentive Plan to retain certain Solaicx employees as employees of MEMC. The Company granted restricted stock units valued at up to $2.358 million, subject to performance and time-based vesting beginning on the first anniversary of the closing, subject to these employees being employed by MEMC on the relevant dates.