5N Plus to acquire AZUR SPACE
by CM Staff
The integration of AZUR will hope to establish 5N Plus as a reliable and competitive supplier to the European and U.S. space programs.
MONTREAL — On Mar. 30, 5N Plus Inc., a producer of specialty semiconductors and performance materials, announced that it had entered into an agreement with AZUR SPACE Solar Power GmbH pursuant to which 5N Plus would acquire all of the issued and outstanding shares of AZUR. The Transaction is subject to the customary closing conditions, including regulatory approvals. 5N Plus will fully integrate AZUR’s workforce and will appoint Mr. Jürgen Heizmann, Managing Director of AZUR, as a member of 5N Plus’s Executive Committee.
Located in Heilbronn, Germany with a workforce of 240 employees, AZUR is a developer and manufacturer of multi-junction solar cells for space and terrestrial concentrated photovoltaic (PV) applications. 5N Plus is headquartered in Montreal and operates R&D, manufacturing and commercial centers in several locations in North America, Asia and Europe, including three in Germany and one in Belgium. The Company is a supplier to the thin-film PV renewable energy industry and a notable supplier within the U.S. satellite supply chain. The integration of AZUR will hope to establish 5N Plus as a reliable and competitive supplier to the European and U.S. space programs.
“This acquisition is the foundation of a strategic transformation that will unlock notable market potential,” said Arjang Roshan, President and Chief Executive Officer of 5N Plus. “AZUR and 5N Plus complement each other, and our integration will culminate in a sustainable supply chain which will ensure the competitiveness and security of supply for our customers and government agencies. Moreover, the combined value chain will serve as a gateway to new businesses with significantly larger total addressable market. We deem AZUR’s activities in Heilbronn, Germany, along with those of 5N Plus in St. George, Utah, and Montreal, Québec, as essential to this plan. We are eager to welcome our new colleagues and collaboratively embark on this new journey.”