LDK Solar Acquires Best Solar's Crystalline Module Manufacturing Plant

LDK Solar Co., Ltd. (NYSE:LDK - News), a leading manufacturer of multicrystalline solar wafers, today announced that it has entered into an agreement to acquire the crystalline module manufacturing plant of Best Solar Co., Ltd. ("Best Solar"). Under the terms of the transaction LDK Solar will acquire Best Solar's crystalline module manufacturing plant at cash consideration of $21.5 million, representing the fair value of the assets acquired determined on an arms-length basis.

"This acquisition will significantly enhance LDK Solar's position in the downstream PV market," stated Jack Lai, Executive Vice President, Chief Financial Officer, and Secretary of LDK Solar. "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.

Labels: LDK, LDK Solar, Solar News, Solar Stocks

posted by Ertai at 6:13 PM