SAN JOSE, Calif., Dec 13, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- SunPower Corporation (Nasdaq: SPWR), a Silicon Valley-based manufacturer of high-efficiency solar cells, solar panels and solar systems, today announced it has signed a definitive agreement to acquire Solar Solutions, a solar systems integration and product distribution company based in Faenza, Italy. The acquisition is expected close in Q1 of 2008 and to be accretive to non-GAAP net income in 2008.
Solar Solutions is a 14-person division of Combigas, a petroleum products trading firm. Active since 2002, Solar Solutions distributes components such as solar panels and inverters, and offers turnkey solar power systems and standard system kits via a network of dealers throughout Italy. According to Navigant Consulting, Inc.'s PV Services Program, an independent, global market research firm, Italy is potentially one of the fastest growing solar markets worldwide due to a combination of high electricity prices, abundant sunlight and attractive government incentives.
"Solar Solutions has been a SunPower customer since 2006," said Marco Antonio Northland, general manager of SunPower's European Operations. "We have gained a strong appreciation for the Solar Solutions team and their system integration and product distribution capabilities. We believe that this acquisition will provide an important platform for SunPower to address both the solar power plant and rooftop markets in Italy. We plan to work with Solar Solutions to leverage the business systems and skill sets we have built in the US market, where we are currently selling standardized systems to residential and commercial customers through a network of over 125 dealers, and to strengthen our capabilities to address the power plant segment as a turnkey contractor."
Luca Bandini, CEO of Solar Solutions, added: "The employees and management of Solar Solutions are extremely excited at the prospect of joining SunPower Corp., one of the world's leading solar companies. We know from experience that SunPower's products have already established a strong reputation for quality and performance in the Italian market, and we look forward to offering its full range of high performance customer solutions. We plan to expand our footprint in the residential and small commercial sector through a professionally organized dealer network, and to directly serve as a turnkey contractor to the expanding power plant market and large commercial applications."
SunPower Corporation (Nasdaq: SPWR) designs, manufactures and delivers high-performance solar electric systems worldwide for residential, commercial and utility-scale power plant customers. SunPower high-efficiency solar cells and solar panels generate up to 50 percent more power than conventional solar technologies and have a uniquely attractive, all-black appearance. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe and Asia. For more information, visit http://www.sunpowercorp.com. SunPower is a majority-owned subsidiary of Cypress Semiconductor Corp. (NYSE: CY).
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent historical facts. We use words such as "expected," "believe," "will," "plan" and similar expressions to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, our plans and expectations regarding the completion of the acquisition and the timing for closing, the acquisition's accretion to non-GAAP net income in 2008, and the other benefits of the acquisition for SunPower, including providing an important platform to address the Italian solar power plant and rooftop markets. These forward-looking statements are based on information available to us as of the date of this release and current expectations, forecasts and assumptions and involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. Such risks and uncertainties include a variety of factors, some of which are beyond our control. In particular, risks and uncertainties that could cause actual results to differ include the risk that the transaction does not close on schedule or at all, difficulties encountered in integrating the merged businesses; the possibility that expected synergies and cost savings will not be realized; the uncertainty of business and economic conditions and growth trends in the Italian solar power industry; and other risks described in SunPower's Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, and other filings with the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we are under no obligation to, and expressly disclaim any responsibility to, update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
SunPower is a registered trademark of SunPower Corp. Cypress is a registered trademark of Cypress Semiconductor Corp. All other trademarks are the property of their respective owners.
SOURCE SunPower Corporation
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