Kyocera Completes Merger With Golden Genesis Company.
Combination Creates World's Largest Vertically Integrated Producer and
Supplier of Solar Energy Products
Kyocera International, Inc. ("KII") today consummated its previously announced merger agreement to acquire 100 percent of the common shares of solar energy systems integrator Golden Genesis Company (Nasdaq:GGGO) for $2.33 per share.
Golden Genesis Company has been renamed Kyocera Solar, Inc. ("KSI"), and will move its headquarters from Golden, Colo., to 7812 East Acoma, Scottsdale, Ariz., 85260, effective today. Trading in Golden Genesis Company was suspended on Aug. 2.
KSI will continue with the same management team, staff and product line as it had before the merger. In addition, the company will assume the marketing of solar photovoltaic modules previously conducted by Kyocera America, Inc., a wholly-owned subsidiary of KII.
"This merger represents an unprecedented commitment to the successful development, production and distribution of solar energy systems throughout the world," said J. Michael Davis, who will continue as president of KSI. "By combining Kyocera's production with our marketing and distribution, the Kyocera Group today became the world's number-one vertically integrated producer and supplier of solar electric components and systems."
Kyocera Corp., parent company of the global Kyocera Group, in 1998 became the world's leading producer of solar photovoltaic cells, which generate electricity directly from sunlight. For the year ended March 31, 1999, the combined sales of solar-related products from Kyocera and Golden Genesis would have amounted to approximately $185 million.
"Earlier this year, Kyocera Corporation expanded its annual solar-cell production capacity to 36 megawatts," said Rodney Lanthorne, senior managing director of Kyocera Corp. and president of Kyocera International, Inc. "Through this merger we have transformed Kyocera's solar business into a fully integrated global enterprise."
KSI and its subsidiaries have supply relationships not only within the Kyocera Group but with several other major solar electric module and component manufacturers. These relationships will continue to be honored -- either with an agreeable transition, in cases where Kyocera offers similar cost-competitive products, or with ongoing agreements.
San Diego-based Kyocera International, Inc., founded in 1969, is the management headquarters for Kyocera's wholly-owned subsidiaries in North America. This group of subsidiaries includes Kyocera America, Inc., which began marketing solar products in 1982.
Kyoto, Japan-based Kyocera Corp. was founded in 1959 as a producer of advanced ceramics. By combining these engineered materials with metals and plastics, and integrating them with other technologies, Kyocera has become a leading supplier of solar cells, semiconductor packages, electronic components, cameras, laser printers and telecommunications equipment. During the year ended March 31, 1999, the company's net sales totaled 725 billion yen ($6.1 billion) with net income of 28 billion yen ($239 million). Kyocera has been recognized by IndustryWeek magazine as one of "The World's 100 Best-Managed Companies."
Additional background and photos are available from Kyocera's Web site at www.kyocera.com/solarnews
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|Date:||Aug 4, 1999|
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