Microsol, a solar-cell manufacturer based in the United Arab Emirates, has acquired the insolvent Solon SE and its subsidiaries, including Tucson-based Solon Corp.
The new ownership plans to expand the combined company's U.S. and global operations under the Solon name.
Berlin-based Solon SE filed for the German equivalent of bankruptcy in mid-December, after failing to reach an agreement with banks and investors to restructure its debt.
About 600 employees worldwide have been transferred to the new core company, Solon Energy GmbH, the company said in a news release. The purchase price was not disclosed.
Solon Corp. is headquartered in Tucson, with offices in Phoenix and San Francisco. The company has about 60 local employees, after shutting down a manufacturing line here last year.
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Solon's main sites in Berlin-Adlershof, Germany; Tucson; and in Carmignano di Brenta, Italy, "will be maintained," and the acquisition will allow the combined company to grow in Europe, North America and India, the company said. The deal still needs approval from Italian authorities.
"This is a joining of two ideal partners. As shareholders, we will pursue an international growth strategy together with Solon, which will open up enormous market potential," Anjan Turlapati, chairman of Microsol, said in prepared remarks.
"Microsol's acquisition will provide Solon the backing needed to continue our robust expansion in the U.S.," said Dan Alcombright, president and chief executive officer of Solon Corp.'s North American operations.
The local company plans to retain all current employees, and to aggressively expand and increase its workforce, the company said in an emailed statement.
Microsol "cost-effectively" produces high-efficiency, crystalline silicon solar cells with about 325 employees in Fujairah, UAE, the company said.
The company said it will continue to make solar power systems in Germany and the U.S., and production facilities will come on line at Microsol's home base in Fujairah this year.
India will be a key new growth market, Turlapati said, adding that Solon's expertise in solar power-plant development will help the company tap into India's growing economy.
The U.S. will continue to be a strategic growth market for Solon, Turlapati said.
"With our existing market leadership position, access to low cost, efficient cell and module facilities, and expertise in providing complete system solutions for the commercial and utility-scale markets, we have great growth potential in the U.S."
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Solon Corp. came to Tucson in 2008, when the company began producing photovoltaic components at its initial local site at 2700 E. Executive Drive, near Tucson International Airport.
Solon moved to its current location at 6950 S. Country Club Road later in 2008. The company had up to 130 local employees before shutting down a manufacturing line last August, saying the operation couldn't compete with a flood of cheap solar panels from Asia.
Contact Assistant Business Editor David Wichner at dwichner@azstarnet.com or 573-4181.