Array Technologies completes acquisition of STI Norland, eyes better international expansion
- United States solar tracker supplier Array Technologies has finished its formerly revealed purchase of Spanish tracker maker Soluciones Técnicas Integrales Norland, S.L. (STI Norland).
Array purchased a 100% stake in STI for about US$ 652 million (US$ 401 million in cash as well as 13.9 million shares of Array ordinary shares). The offer was expected to close this quarter in a move that Array claimed makes it the "largest solar tracker firm worldwide" when based on 2020 order reservations.
Array described how the purchase gives a number of benefits, including reinforcing its supply chain networks, expanding its client based right into key markets such as Brazil as well as Europe, access to brand-new markets in the center East and also Africa as well as the growth of regional supply chains.
Quickly after the procurement was introduced, PV Tech Premium sat down with Array CMO Erica Brinker that described how the purchase has actually opened access to new markets that have been tough for Array to permeate as a result of supply chain problems and regional web content needs as well as going over the firm's international growth method.
" It's been obvious that we have actually been attempting to broaden even more globally," Brink stated, "our mix previous to this acquisition was about 90% The United States and Canada and also 10% rest of globe."
"So, it's truly complimentary from a geography perspective when you think about STI's organization, which has to do with 95% rest of globe," she kept in mind.
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