Energy Conversion Devices just announced the purchase of Solar Integrated Technologies. Energy Conversion Devices paid $16.3 million to buy the PV roofing system manufacturer and installer and assume the company’s debt. They will pay about .11 per Solar Integrated Technology share.  Energy Conversion Devices plans to fund the purchase using existing corporate funds.

In a press release, executives from both companies commented on the deal:

Mark Morelli, ECD’s president and chief executive officer said, “The acquisition of SIT enhances our BIPV value proposition by significantly improving our field engineering and technical capabilities in rooftop solar to better support our channel partners in Europe and the U.S. Our combined organization will also be well positioned to meaningfully participate in the expected growth in the U.S. market, including under the stimulus plan. We are extremely pleased to welcome SIT’s talented organization to our team.”

“We are excited to join forces with the world’s leader in building integrated and commercial rooftop photovoltaics,” stated R. Randall MacEwen, president and chief executive officer of SIT. “As one of ECD’s largest customers, we have experienced first-hand the differentiated attributes of UNI-SOLAR((R)) PV laminates, and their impressive power production performance in real world conditions. We see compelling synergies between SIT’s customer relationships, end market knowledge and system integration expertise and ECD’s focus on operational excellence.”

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