In order to enter the fast-growing sapphire market and create new revenue growth opportunities, GT Solar International, Inc. (NASDAQ: SOLR) announced the acquisition of Crystal Systems, Inc. Under the treaty, GT Solar will pay approximately $24 million in cash, 5.4 million shares of GT Solar's common stock, and $21 million in future cash outlays. Fred Schmid, founder of Crystal Systems and inventor of HEM technology (heat exchange technology), will join GT Solar as a technical veteran and accelerate the commercialization of this technology.
In addition to the acquisition of sapphire giant Crystal Systems, GT Solar has recently moved frequently – establishing an Asian operations headquarters in Hong Kong and plans to transfer most of its operations to Asia. Asia is the largest consumer of sapphire, and GT Solar says it now has more than 85% of its business coming from Asia, especially China. It is not difficult to see the intention of GT Solar to move frequently.
According to the data of the High-tech LED Industry Research Institute (GLII), the annual global sapphire substrate consumption was only 2 million pieces in 2008, and the monthly usage reached 1.5 million pieces in the second half of 2009. The global monthly demand at the end of 2009 (2 inches) ) has reached 2.5 million pieces, which is close to the total global sapphire crystal growth capacity at that time. GLII estimates that the supply of sapphire substrates will remain in short supply throughout 2010.
It is reported that Crystal Systems is known for its innovative crystal growth technology, which uses its unique technology and is compatible with other crystal growth and process technologies to produce high quality, large-area, competitively priced sapphire substrate materials for LEDs. The defense, medical and aerospace industries. Crystal Systems expects annual sales of $16 million in 2010. The company will help GT Solar's operating profit in the next 18 months and help increase GT Solar's earnings per share by the 2012 financial year.
GT Solar has the world's leading polysilicon production technology for the photovoltaic industry and is a supplier of polycrystalline furnace systems and related photovoltaic manufacturing services. "Crystal Systems' sapphire process technology complements our silicon growth technology, and we believe this merger will help us launch our products as quickly as possible and quickly exceed the sapphire crystal growth technology offered by other suppliers," said GT Solar's President and Chief Executive Officer. Official Tom Gutierrez said, “We have discovered equipment, LEDs, and high-tech special markets that require high-quality, low-cost crystalline substrate materials, and we look forward to capturing these attractive opportunities. Crystal Systems has a rich history of innovation. We believe that their technical expertise, combined with our proven global operational experience and available capital resources, will accelerate the adoption of new low-cost, high-quality sapphire solutions."
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