LDK Solar (LDK) just announced that it is acquiring Best Solar Co’scrystalline module manufacturing plant. Under the terms of theagreement, 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 inthe downstream PV market. LDK Solar has been fulfilling the majority ofits solar module needs through purchases from Best Solar over the pastthree quarters. We look forward to realizing cost efficiencies bybringing crystalline module manufacturing in-house. This acquisitionrepresents an important step as we continue to expand the scope of ourvertical integration and strengthens our competitive advantage withinthe sector.”
Best Solar is owned by LDK New Energy Holding Limited, which isLDK’s controlling shareholder and is owned by LDK Chairman and CEO Mr.Xiaofeng Peng. A third party was used to determine the fair marketvalue of the plant.
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