SAN JOSE, Calif. - GT Solar International Inc., a provider of photovoltaic manufacturing services for the solar industry, has acquired privately-held Crystal Systems Inc.
Crystal Systems is a crystalline growth technology company that manufactures high-quality, large area sapphire substrates used in the LED, defense, medical and aerospace industries.
Under the terms of the agreement, the purchase consideration consisted of approximately $24 million in cash, 5.4 million shares of GT Solar common stock and a $21 million cash earn-out. The cash earn-out provision is based on the attainment of certain financial and technical targets. Crystal Systems is a profitable company with expected revenues of approximately $16 million for the 2010 calendar year.