Solutia to buy Etimex Solar for $325M (St. Louis)
Solutia Inc. said Monday it plans to buy Etimex Solar GmbH, a company that supplies solar products, for nearly $325 million.
Etimex Solar is a subsidiary of Germany-based Etimex Holding GmbH, which is controlled by funds affiliated with Alpha Gruppe. Etimex Solar, which employs about 60 people in Germany and reported a profit of $31 million in 2009, makes a film that covers and weatherizes solar panels.
Solutia currently makes a different kind of film that covers solar panels to protect them from the elements and will become the only company to provide both types, said Melissa Hammonds, a Solutia spokeswoman. Solutia plans to expand Etimex's operations in North America and Asia, she said.
Read the full report in the St. Louis Business Journal.
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