Austrian wood processing company HS Timber Group and the Israeli business innovation firm Blue Minds have agreed to buy Liechtenstein-based solar glass manufacturer Interfloat Corporation.
Through the transaction, which depends on approval by the German and Austrian anti-trust authorities, HS Timber will get an 80% share of Interfloat, and Blue Minds the balance.
No purchase price was disclosed for Interfloat, which achieved sales of around €45 million last year.
The buyers said they were entering the PV sector because they expected solar to become Europe’s most important future energy source. “HS Timber Group and Blue Minds want to actively use the international growth opportunities in this market and systematically expand their regional presence in Europe,” the companies said in a joint statement.
Former Austrian chancellor Christian Kern, a partner at Blue Minds, tweeted: “A strong position in this technology is an essential matter for the future of Europe.”
HS Timber said the agreement was signed on Friday.
Interfloat, with its 300 or so employees and its German GMB Glasmanufaktur Brandenburg GmbH business, is one of the largest manufacturers of solar glass for PV systems and greenhouses in Europe.
With the acquisition, HS Timber said it wanted to expand its sustainable portfolio. Blue Minds wants to include energy-transition-linked industrial manufacturing in its portfolio of digital business models.
The companies expect formal completion of the transaction before July.