Swiss conglomerate Meyer Burger Technology has sold off another part of its business as it moves form being an equipment provider to a major European supplier of solar cells and panels.
Muegge, headquartered in Reichelsheim, makes microwave and plasma equipment for a wide range of industries, from industrial heating with microwaves to plasma technology processes for large-area coating, semiconductor and MEMs makers.
The deal with German private equity firm HQ Equita will include all of Muegge’s business divisions including its US subsidiary Gerling Applied Engineering in Modesto CA, as well as around 100 employees, but is still subject to approval by the authorities in Germany.
The transaction will provide a ‘cash inflow’ of CHF24m ($24m) says Meyer Burger, presumably the size of the deal, although the company says it will book a profit of CHF4m ($4m) as a result. The contract includes an earn-out of CHF 2.5 million in 2022 based on agreed financial targets in 2021.
The deal is part of the continuing transformation of Meyer Burger into a manufacturer of solar cells and modules. Last week it finalised the acquisition of two manufacturing plants and a distribution site in Saxony as part of this move. The company is a major investor in perovskite solar cell developer Oxford PV which is ramping up production at its plant in Germany.
- EUROPEAN SOLAR CELL PRODUCTION SITES SECURED IN €12m DEAL
- SWISS WAFER SUBSIDIARY SOLD
- SOFTWARE AUTOMATION BUSINESS SOLD
HQ Equita is part of the Harald Quandt-Group, based in Bad Homburg, that has €1bn invested in over 30 small and medium-sized companies in German-speaking countries.
"MUEGGE, as a technologically driven company with a strong position in its niche market, is an ideal match for HQ Equita,” said Frank Schäfer, partner with HQ Equita. “With its dynamic management team and leading R&D and engineering capabilities, the company is ideally positioned to serve a growing range of applications in international markets. Also in light of our positive