LDK Solar (LDK) Acquires Manufacturing Plant From Best Solar

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09:38:38 am on March 1, 2010

LDK Solar (LDK) just announced that it is acquiring Best Solar Co’s crystalline module manufacturing plant. Under the terms of the agreement, LDK will pay Best Solar $21.5 million for the plant. In a press release, Jack Lai, Executive Vice President, Chief Financial Officer, and Secretary of LDK commented on the acquisition:

This acquisition will significantly enhance LDK Solar’s position in the downstream PV market. LDK Solar has been fulfilling the majority of its solar module needs through purchases from Best Solar over the past three quarters. We look forward to realizing cost efficiencies by bringing crystalline module manufacturing in-house. This acquisition represents an important step as we continue to expand the scope of our vertical integration and strengthens our competitive advantage within the sector.”

Best Solar is owned by LDK New Energy Holding Limited, which is LDK’s controlling shareholder and is owned by LDK Chairman and CEO Mr. Xiaofeng Peng. A third party was used to determine the fair market value of the plant.

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