Solar Thin Films Inc. and its subsidiary, Kraft Elektronikai Zrt. of Budapest, Hungary, have agreed to acquire BudaSolar Technologies Co. Ltd., also of Budapest, in a transaction that management believes will bring new process expertise to the combined company, as well as an enhanced customer pipeline.
Subject to the satisfaction of certain closing conditions, Kraft will acquire 100% of the share capital of BudaSolar and will issue to BudaSolar stockholders 49% of the share capital of Kraft. As a result, the company will own 51% of Kraft and the 51% owned Kraft subsidiary will, in turn, own 100% of the share capital of BudaSolar.Â
In addition, Kraft has entered into five-year employment agreements with Dr. Istvan Krafcsik and Attila Horvath as CEO and COO of Kraft and its BudaSolar subsidiary, respectively. Peter Lewis will step down as CEO of Solar Thin Films to become group vice president of the company's equipment and thin films division.
SOURCE: Solar Thin Films Inc.