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GT Solar buys Crystal Systems

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CIOL Bureau
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SAN JOSE: Photovoltaic manufacturing services provider for the solar industry, GT Solar International, has bought out privately held Crystal Systems, a crystalline growth technology company that manufactures high-quality, large area sapphire substrates used in the LED, defense, medical and aerospace industries.

As per the deal, the financials include approximately $24 million in cash, 5.4 million shares of GT Solar common stock and a $21 million cash earn-out based on the attainment of certain financial and technical targets. Crystal Systems is a growing company with expected revenues of approximately $16 million for the 2010 calendar year.

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