A further step in its restructuring, leading PV equipment manufacturer Meyer Burger has announced to sell its wafering technology to PSS. It now wants to focus on PV cell coating and module connection technologies. (Photo Credit: Meyer Burger Technology Ltd.)
- Meyer Burger has decided to sell its wafering photovoltaic and specialized materials (semiconductor and sapphire glass industries) wafering equipment and service business
- Precision Surfacing Solutions (PSS) will purchase it from Meyer Burger for a purchase price of CHF 50 million in cash
- The deal also includes Meyer Burger transferring significant parts of its current production facilities in Thun with 100 employees and relevant service locations globally to PSS
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Leading PV equipment manufacturer Meyer Burger Technology Ltd., has made another ‘strategic’ move, this time to divest its stake in the wafering technology business. The Switzerland headquartered company announced to sell its photovoltaic and specialized materials (semiconductor and sapphire glass industries) wafering equipment and service business to Precision Surfacing Solutions (PSS) for a purchase price of CHF 50 million ($50 million) in cash. The contract also includes an earn-out component based on certain revenue levels in 2019.
Meyer Burger CEO Hans Brändle said the company’s focus now is on cell and module technology. As per the transaction terms, Meyer Burger will also transfer significant parts of its current production facilities in Thun, Switzerland as well as around 100 employees involved in the wafering technology portfolio in Thun and the relevant service locations globally to PSS. The transaction is expected to close towards the end of Q1/2019.
PSS is a supplier of equipment and services for surface enhancement technology with headquarters in Illinois, US. It has several international subsidiaries and operates 13 manufacturing facilities on 3 continents.
The President and CEO of PSS, Brian Nelson said his company will utilize the ‘potential to relocate additional production activities to the manufacturing location in Thun’.
For Meyer Burger, this decision to sell its wafering business is another big decision in its restructuring process. It has also sold its solar systems business to 3S Solar Plus AG and announced to discontinue production at its Thun facility (see Meyer Burger: Profitable & More Restructuring). Yet, the decision to do away with wafering business was not categorized as a measure under its restructuring efforts, where it only announced to enter a manufacturing services agreement with Flex to produce its diamond wire saws in China to reduce cost and be close to the customers (see Meyer Burger To Close Down Thun Production).
However, apparently it has received an attractive offer and now has gone one step further, selling the business as a whole. Meyer Burger Brändle said, “Although Meyer Burger grew from its roots in the wafering industry, our main focus today is on PV cell coating and module connection technologies. As the new owner of our wafering portfolio and with its presence in the semiconductor industry, PSS is ideally positioned to fully maximize the synergies with our wafering technologies. I am very pleased that with PSS as the new owner, we have found a solution that is advantageous for both parties while at the same time securing both jobs and technology know-how in Thun.”