Management of BudaSolar Technologies Co. Ltd. announced on 6 April 2009 that shareholders of the company have concluded the merger agreement with Solar Thin Films Inc. After the closing, scheduled to take place until 30 April, BudaSolar will become a fully owned subsidiary of KRAFT Inc., the Hungarian subsidiary of STF Inc., while the ownership of KRAFT Inc. will be split between STF Inc. as majority and current BudaSolar shareholders as minority shareholders.
“As a founder of KRAFT, I am really pleased that we concluded the agreement. But the potential efficiency improvement resulting from complementary competencies is far more important with regards to the future of our companies”, said Dr. István Krafcsik of BudaSolar, the future CEO of KRAFT Inc. “We believe that the experience of Solar Thin Films in organizing, managing, and financing a group of companies will also greatly contribute to creating shareholder value by the merger.”
As the companies operate in complementary areas of the photovoltaic industry, operational synergies resulting from the merger are expected especially in the areas of corporate management, research and development, equipment manufacturing, and administration. Further benefits are expected as a result of enhanced sales pipeline. In order to exploit synergies, potential restructuring of operations in Hungary is under consideration.