The agreement between CTDC, LSR and its stockholders, Goldpoly Company Limited and LSP CEO, Mr. Liao Lin-Hsian is said to be worth USD$3.2 million, payable in shares of CTDC's common stock at a price of USD$3.01 per share. Upon completion, LSP will become a wholly-owned subsidiary of CTDC.
With an annual production capacity of around 65 megawatts (MWs), LSP manufactures crystalline photovoltaics modules: CTDC has said it intends to increase this to 100 MWs.
"The acquisition of LSP will be achieving a significant milestone towards our development strategy in solar energy industry. Upon completion, we plan to expand LSP's annual capacity to 100 MW. Together with existing capacity of China Merchants Zhangzhou Development Zone Trendar Solar Tech Ltd. – another subsidiary of CTDC – our annual capacity of crystalline PV modules will be increased to 165 MW, which will be ahead of our target capacity of 150 MW by the end of 2011," said Mr. Alan Li, chairman and CEO of CTDC.
"Moreover, the acquisition will help us form a close relationship with Goldpoly, an upstream PV cells supplier, to ensure sufficient supply of raw material. Looking forward, we will leverage the synergies created by two companies to develop the Xiamen Bay into a renowned PV production base, so as to maximize our shareholders' value."
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