As part of the transaction, significant parts of Meyer Burger’s current production facilities in Thun, as well as approximately 100 employees involved in the wafering technology portfolio in Thun and the relevant service locations worldwide, will also be transferred to PSS. Completion of the contract is subject to standard closing conditions.
The closing of the transaction is expected to be completed towards the end of the first quarter of 2019. The agreed purchase price is CHF 50 million in cash, which represents approximately one times net sales of the wafering equipment business. The contract also includes an earn-out component based on certain revenue levels in 2019.
PSS is an industry leader in the development of technology to produce micron accuracy surface finishes. Under its Lapmaster, Peter Wolters, ELB, Micron, Aba, REFORM, Barnes and Kehren brands, PSS has a history of developing cost-effective processing solutions for the lapping, polishing, fine grinding, brush deburring, creep feed grinding, bore honing, double disc grinding, buffing through an expanding network of sales and services offices located throughout the world. PSS is headquartered in Mt. Prospect, IL, employing more than 900 people across 13 manufacturing facilities on three continents.
“Although Meyer Burger grew from its roots in the wafering industry, our main focus today is on PV cell coating and module connection technologies,” said Hans Brändle, CEO of Meyer Burger. “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.”
Meyer Burger will further concentrate its strategic focus on the existing cell/module technologies business, especially its successful Heterojunction and SmartWire Connection Technology (SWCT), and on promising next-generation cell/module technologies.