Company Closes on Purchase of 275,000 Square Foot Facility in East
ENFIELD, Conn., Dec 21, 2010 (BUSINESS WIRE) --
STR Holdings, Inc. (NYSE: STRI), a leading global provider of high
quality, superior performance solar encapsulants to the photovoltaic
module industry, today announced that it 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 U.S.
manufacturing to the new location. In addition, the facility will house
U.S.-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 3.0 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 9 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 Chief Executive Officer 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."
About STR Holdings, Inc.
STR Holdings, Inc. is a leading global provider of high quality,
superior performance solar encapsulants to the photovoltaic module
industry. It is also one of the world's leading providers of consumer
product quality assurance testing, audit, inspection and responsible
sourcing services, which help ensure that suppliers and retailers have
the highest level of confidence in the quality and safety of their
products and in the social standards of the supply chain producing them.
Further information about STR Holdings, Inc. can be obtained via the
Company's website at www.strholdings.com.
This press release may contain certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
regarding the Company's results of operation and long-term strategy.
These forward-looking statements are based on current information and
expectations, and are subject to risks and uncertainties discussed in
Company filings with the Securities and Exchange Commission, which could
cause the Company's actual results to differ materially from expected
results. The Company undertakes no obligation to publicly update any
forward-looking statement contained in this release, whether as a result
of new information, future developments or otherwise, except as may be
required by law.
SOURCE: STR Holdings, Inc.
STR Holdings, Inc.
Joseph C. Radziewicz
Controller and Principal Accounting Officer