| BTU 'Radiant' on Acquisition News |
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| Written by Mike Buetow | |||
| Wednesday, 08 February 2006 05:29 | |||
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NORTH BILLERICA, MA -- BTU International will purchase the product lines and other assets of Radiant Technology
Corp. for $500,000 in cash and up to 100,000 shares of stock, worth some $17.7 million after the market closed Feb. 9. Closing is expected by early March, the companies said, subject to customary closing conditions including RTC shareholder approval.
RTC makes inline near IR furnaces and dryers primarily used for solar energy. The deal strengthens BTU's position in the photovoltaic market. The agreement includes product lines, trademarks and other related assets of RTC. The purchase price includes 30,000 shares contingent upon RTC's achievement of certain non-financial performance criteria and royalty payments on any products using the RTC technology manufactured by BTU over a four-year span. RTC would continue to manufacture its products for distribution by BTU after the closing. In a statement, BTU chairman and CEO Paul van der Wansem said, "BTU will assume overall responsibility for the products in terms of cost reductions, the development of new products, as well as worldwide commercialization and customer support."
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