Tokyo Electron Limited (TEL) today announced that on November 26 (Swiss time) it had completed all procedures relating to the acquisition of Oerlikon Solar first announced on March 3, 2012. As a result, Oerlikon Solar is now a wholly-owned subsidiary of TEL and its name has been changed to TEL Solar AG (Headquarters: Switzerland; President: Kiyoshi Sato(Concurrent Post: Corporate Director of TEL)).
Hiroshi Takenaka, President and CEO of TEL, commented, “We can expect thin-film silicon photovoltaic panels to accommodate significant growth in prospective electric demand in regions with abundant sunlight, as a result of their superiority in performance in the regions and the cost advantages. Oerlikon Solar has world-leading technologies in this field relating to conversion efficiency and manufacturing costs. By combining its technologies with the advanced technologies that TEL has nurtured in the semiconductor production equipment business, we will be able to develop more competitive devices. This acquisition is an undertaking intended to establish the photovoltaic panel (PV) production equipment business as a new core business that will support TEL’s growth strategy.”
TEL is also currently studying the acquisition’s impact on the company’s consolidated performance, and will make a timely disclosure if any effects on business forecasts are likely.