Energy Conversion Devices Completes Merger With Solar Integrated Technologies
August 19, 2009 – Energy Conversion Devices, Inc. (ECD) (NASDAQ: ENER), a global manufacturer of thin-film flexible solar laminate products for the building integrated and commercial rooftop markets, announced today it has completed its merger with Solar Integrated Technologies, Inc. (SIT), a leading provider of building integrated photovoltaic (BIPV) roofing systems. SIT is now a wholly owned subsidiary of ECD.
“This merger strengthens and diversifies our business,” said Mark Morelli, president and CEO of ECD. “This merger is an important element of our future growth plans as ECD transitions from manufacturing and selling a product to a company that provides complete solar solutions and value-added services.”
The company will provide additional information on the strategic aspects of the merger during the company’s fiscal fourth quarter and year-end press release and conference call scheduled for August 27, 2009.
Credit Suisse Securities (USA) LLC acted as financial advisor.