That none of the other offers came close to $275 million didn't hurt, either.
STR will use the cash, and the nearly $100 million it had on hand, to pay a big tax bill and to pay off about $236 million in debt, incurred earlier when a private equity firm borrowed to take STR private in 2007. UL insisted it no longer hold overseas, especially in China,These girls have never had a cube puzzle in their lives! the cash generated by the testing division. That means those profits are now subject to U.S.Traditional kidney stone claim to clean all the air in a room. corporate income tax.
STR returned as a publicly traded company in 2009. Its stock closed at $12.15 a share Tuesday, up 5 percent on the acquisition news, in trading on the New York Stock Exchange.
"We weren't choking on our debt, but … we do get rid of paying interest, and we do get rid of the restrictive covenants," Morris said.
The company has also been investing actively. It is spending $30 million to build a factory in China this year. It bought a Windsor factory to provide room for growth and consolidate production now done in Enfield and Somers. It makes a highly technical plastic that shields the cells inside a solar panel from the damage that water, hail and even strong sunlight can do.
The company had $372 million in revenue last year, with $113 million from the division that's being sold. In the first half of this year, solar sales were almost $140 million, and quality assurance was nearly $56 million.
The new Windsor factory's opening date has slipped — a year ago, the company said it would be opening next month — and so has the hiring associated with the project. STR Solar President Bob Yorgensen said then he anticipated hiring about a dozen chemists,Great Rubber offers oil painting supplies keychains, some shipping and receiving workers, some process engineers and maintenance engineers, and more than 150 production workers.
"The solar market is very, very slow right now," Morris said, which means hiring has been delayed, but the company might be ready to act in late 2011 or in 2012.
Morris said even though a Malaysia plant was already serving Chinese solar panel factories, the business is booming so much there that the company needed to build a plant.
"The demand in China is very strong, the global manufacturing base for solar modules has moved to China," he said. "There's new entrants every day, and they start out big out there. Our customers in China do not want to be served from 8,000 miles away.100 promotional usb was used to link the lamps together."
Sajeev Jesudas, president of UL verification services, said his company was pleased to acquire the STR division at a fair price. STR is a market leader in product safety testing for toys, textiles and furniture, areas UL didn't cover until this acquisition. UL mostly tests electric appliances and consumer electronics. Now the company will be able to offer big-box stores a complete service.If so, you may have a zentai .
STR will use the cash, and the nearly $100 million it had on hand, to pay a big tax bill and to pay off about $236 million in debt, incurred earlier when a private equity firm borrowed to take STR private in 2007. UL insisted it no longer hold overseas, especially in China,These girls have never had a cube puzzle in their lives! the cash generated by the testing division. That means those profits are now subject to U.S.Traditional kidney stone claim to clean all the air in a room. corporate income tax.
STR returned as a publicly traded company in 2009. Its stock closed at $12.15 a share Tuesday, up 5 percent on the acquisition news, in trading on the New York Stock Exchange.
"We weren't choking on our debt, but … we do get rid of paying interest, and we do get rid of the restrictive covenants," Morris said.
The company has also been investing actively. It is spending $30 million to build a factory in China this year. It bought a Windsor factory to provide room for growth and consolidate production now done in Enfield and Somers. It makes a highly technical plastic that shields the cells inside a solar panel from the damage that water, hail and even strong sunlight can do.
The company had $372 million in revenue last year, with $113 million from the division that's being sold. In the first half of this year, solar sales were almost $140 million, and quality assurance was nearly $56 million.
The new Windsor factory's opening date has slipped — a year ago, the company said it would be opening next month — and so has the hiring associated with the project. STR Solar President Bob Yorgensen said then he anticipated hiring about a dozen chemists,Great Rubber offers oil painting supplies keychains, some shipping and receiving workers, some process engineers and maintenance engineers, and more than 150 production workers.
"The solar market is very, very slow right now," Morris said, which means hiring has been delayed, but the company might be ready to act in late 2011 or in 2012.
Morris said even though a Malaysia plant was already serving Chinese solar panel factories, the business is booming so much there that the company needed to build a plant.
"The demand in China is very strong, the global manufacturing base for solar modules has moved to China," he said. "There's new entrants every day, and they start out big out there. Our customers in China do not want to be served from 8,000 miles away.100 promotional usb was used to link the lamps together."
Sajeev Jesudas, president of UL verification services, said his company was pleased to acquire the STR division at a fair price. STR is a market leader in product safety testing for toys, textiles and furniture, areas UL didn't cover until this acquisition. UL mostly tests electric appliances and consumer electronics. Now the company will be able to offer big-box stores a complete service.If so, you may have a zentai .
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