STR Holdings completes acquisition of US manufacturing facility

ENFIELD, USA: STR Holdings Inc., a leading global provider of high quality, superior performance solar encapsulants to the photovoltaic module industry, has closed on its previously announced acquisition of land and a 275,000 square foot building located in East Windsor, CT.

STR will relocate the majority of its US manufacturing to the new location. In addition, the facility will house US-based product management and sales teams, as well as a new 20,000 square foot research and development laboratory. The facility acquisition enables STR to complete the planned expansion of its Connecticut manufacturing capacity to approximately 3 GW in 2011.

The company continues to anticipate installing 1.2 GW of new production equipment in Connecticut during the third quarter of 2011 and will cease manufacturing at its current facilities in Enfield and Somers, CT after moving its existing equipment into the new facility during the next nine to 12 months.

The company estimates spending approximately $19 million to complete the expansion, $5 million of which will be spent in 2010, with the balance incurred in 2011.

Dennis L. Jilot, chairman, president and CEO of STR Holdings, stated: “The acquisition of our new East Windsor facility marks another important milestone for STR Solar. This facility will provide ample space to increase Connecticut production capacity up to approximately 6.0 GW in support of our continued strong growth and to enable us to increase our industry-leading innovation with a newly dedicated, state-of-the-art research and development facility.”