The company is looking to sell its Hazelwood manufacturing plant, which it acquired from Confluence Solar in 2011.
GT Advanced Technologies (GT) is idling a manufacturing plant in the City of Hazelwood and laying off 35 employees. This is part of a restructuring of the company with streamlining of operations, according to a company statement, with the hopes of positioning the company for growth once the markets it serves start to recover. The New Hampshire-based company said it's shifting its pilot development plant operations currently located in Hazelwood to an existing facility in Merrimack, N.H. It will idle the Hazelwood facility until it can find a "strategic partner" to purchase it, the company said. "The new functional structure reflects GT's continued efforts to streamline our operations and align our business with current market and business…
Confluence Solar, Inc. is a developer of an innovative continuous czochralski growth process, a method of crystal growth used to obtain single crystals of semiconductors, metals, salts and synthetic gemstones.
GT Advanced Technologies Inc. (GT) has purchased 3-year-old Hazelwood-based Confluence Solar Inc. The pricetag? It's said to be steep--$60 million cash paid to Confluence Solar’s shareholders at closing. GT will pay an additional $20 million cash earn-outs payable upon the achievement of certain financial and technical milestones through its fiscal year 2013, according to Business Wire press release. Confluence Solar is a privately held company, and the developer of a technology that enables the production of high efficiency monocrystalline solar ingots, which is expected to lower production costs. In layman's terms--manufacture furnaces that more efficiently make solar cells. "This acquisition adds an innovative technology to GT’s (high …
38.78751
-90.406149
1600 Park 370 Ct, Hazelwood, MO
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/locations/5192978
38.78627
-90.41676
St. Louis Outlet Mall
5555 St Louis Mills Blvd, Hazelwood, MO
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Candace Jarrett
10:18 am on Friday, January 11, 2013
It's very unfortunate. Here's to hoping they don't have too much down time. more ›