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Shareholders have approved the sale of Europe's largest supplier of solar panels, Norway-based REC Solar, to a subsidiary of solar maker China National Bluestar, Norway's Elkem Group, for NOK4340 million ($694 million).
In turn, China National Bluestar is a joint venture between the conglomerate ChemChina and Blackstone.
The sale was approved at a shareholder meeting on Thursday night, with the sale recommended by the company's board. "We believe that a combination with the Elkem Group will provide a strong platform to further develop REC, with added strengths and new opportunities," REC CEO Martin Cooper said.
Customers can expect “business as usual”, REC said.
Going forward, REC is expecting new business opportunities due to this transaction, the company said, saying with Elkem Group as a leading supplier of silicon, REC could benefit from new synergies up-stream the value chain.
“The Elkem Group and REC have developed a strong business relationship and there is a good strategic match between the companies, as both have a Norwegian corporate culture and heritage. The Elkem Group has a strategic goal to grow its presence in the solar industry. The ambition is to establish a leading integrated PV player,” said Helge Aasen, CEO of Elkem AS.
Elkem is a leading producer of environmentally-friendly materials, principally silicon, solar grade silicon, special alloys for the foundry industry, carbon products and microsilica. Elkem has 14 production facilities in Europe, North and South America, Africa and Asia, and employs about 2100 people. Operating revenues for the Elkem Group in 2013 were NOK7.9 billion ($1.26 billion).
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