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After receiving only inadequate offers, Amtech has decided to transfer its solar subsidiary Tempress to an independent foundation called Stichting Continuïteit Tempress. The move is intended to allow the Dutch solar system manufacturer time to restructure and become a more attractive target for investors. To facilitate these operations, Amtech is providing Tempress with a 2.25 million dollar loan.
“For nearly one year, Amtech has undergone a robust process to sell Tempress. We were disappointed with the offers that emerged, as the terms weren’t favorable to us and most required a significant cash infusion from Amtech. By selling Tempress to a Dutch foundation, we’ve established the parameters to give it time to restructure and be sold in the future. We believe this approach is in the best interest of Amtech and our shareholders,” commented Amtech CFO Lisa Gibbs.
With Tempress divested, the Amtech conglomerate has completely exited the solar business, an intention first announced in April 2019. Amtech’s other solar activity, Solaytec, was separated from the parent company through a management buyout.