GT Solar International Inc., a provider of polysilicon production technology, crystalline ingot growth systems and related photovoltaic manufacturing services for the solar market, says it has acquired privately held Crystal Systems Inc., a crystalline growth technology company that manufactures large-area sapphire substrates used in the LED, defense, medical and aerospace industries.
Founded in 1971, Crystal Systems is a supplier of sapphire and Ti:sapphire material. The company's development and manufacturing operations are located in Salem, Mass. Fred Schmid, founder of Crystal Systems and the inventor of the heat-exchanger method, will be joining GT Solar in a senior technical capacity to further accelerate the commercialization of this technology.
Under the terms of the agreement, the purchase consideration consisted of approximately $24 million in cash, 5.4 million shares of GT Solar common stock and a $21 million cash earn-out.
SOURCE: GT Solar International Inc.