Semiconductor equipment maker Applied Materials Inc. moved Monday to boost its solar expertise, agreeing to buy Baccini SpA for $330 million in cash.
Baccini is a Treviso, Italy-based maker of metallization and test systems for manufacturing crystalline silicon, or c-Si, photovoltaic cells. Its equipment makes solar cells, which convert sunlight into electricity, more efficient.
Applied said that when combined with its solar panel semiconductor expertise and manufacturing capabilities, Baccini will provide customers with production technology for fabricating advanced solar cells.
"With this acquisition, Applied will become a leading provider of c-Si cell manufacturing solutions to the [photovoltaic] industry," Applied Materials CEO Mike Splinter said in a statement. "As a key supplier to both the c-Si and thin film solar markets, we are committed to driving down the cost and ramping up the scale of [photovoltaic] manufacturing to make solar energy competitive with grid electricity."
This is the latest in a string of moves by Applied to expand in the solar market. The Santa Clara, Calif.-based company in June committed $475 million to acquire HCT Shaping Systems SA, a by Chesaux, Switzerland-based maker of silicon substrates. Last year the company spent another $464 million to buy Applied Films Corp., a supplier of equipment for manufacturing flat-panel displays and solar cells.
Privately held Baccini was founded in 1967. According to Applied, the company has a strong reputation for innovation in the solar industry, including delivering the industryÕs first integrated metallization line over 20 years ago.
Applied said that Baccini chose to strike a deal after considering a number of options, including a private equity investment or an initial public offering, to raise investment capital. Company founder Gisulfo Baccini in a statement said integrating his company into Applied's "process, production and manufacturing expertise will provide new capabilities to enable world-class solar solutions for our global customers."
The deal is expected to close early in 2008.
