Kyocera Completes Merger With Golden Genesis Company.
SAN DIEGO--(BUSINESS WIRE)--Aug. 3, 1999--
Combination Creates World's Largest Vertically Integrated Producer and
Supplier of Solar Energy solar energy, any form of energy radiated by the sun, including light, radio waves, and X rays, although the term usually refers to the visible light of the sun. Products
Kyocera International, Inc. ("KII") today consummated con·sum·mate
tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates
a. To bring to completion or fruition; conclude: consummate a business transaction.
b. 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 KSI Killed or Seriously Injured (UK road safety statisitcs)
KSI Knattspyrnusamband Íslands (football association of Iceland)
KSI Kips Per Square Inch (engineering) "), 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 In the field of photovoltaics, a photovoltaic module is a packaged interconnected assembly of photovoltaic cells, also known as solar cells. An installation of photovoltaic modules or panels is known as a photovoltaic array. 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 J. Michael Davis, EVP, CTO, and CGO (Chief Game Officer), co-founder of Versaly Entertainment, was the VP of R&D and Editing at Wizards of the Coast, joined Wizards in 1995 and grew his department from 5 to 15 designers. , 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 A semiconductor diode that converts light into DC voltage. Also known as "solar cells," photovoltaic cells are used in a myriad of applications from simple light sensors to complete energy creation systems. See photovoltaic. , 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 North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . 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 solar cell, semiconductor devised to convert light to electric current. It is a specially constructed diode, usually made of silicon crystal. When light strikes the exposed active surface, it knocks electrons loose from their sites in the crystal. , semiconductor packages, electronic components, cameras, laser printers and telecommunications equipment. During the year ended March 31, 1999, the company's net sales Net Sales
The amount a seller receives from the buyer after costs associated with the sale are deducted.
This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight 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