BOISE, Idaho, Jan. 16, 2001 (PRNewswire) IDACORP, Inc. today announced the sale of its wholly-owned subsidiary Applied Power Corp. of Lacey, Wash., to Schott Corporation of Yonkers, NY. Terms are not being disclosed.
Applied Power is a manufacturer, supplier and distributor of solar photovoltaic systems. Boise-based IDACORP (NYSE: IDA) acquired Applied Power in 1996 and oversaw its expansion from a 13-person business situated solely in the Northwest to one that now employs 75 people and has expanded business operations into Massachusetts and California.
“We will continue to invest in and develop promising new energy technologies, including our commitment to the fuel cell market,” said Jan Packwood, president and CEO of IDACORP. “As we have pursued growth strategies for Applied Power we found that the major competitors in the solar industry all have a world-wide focus. We’re largely a domestically-focused company, and we realized that the greatest opportunity for Applied Power’s success would come with international ownership. We’re pleased that Schott with its established global enterprise and outstanding technological expertise can provide that opportunity.”
The company will be renamed Schott Applied Power Corporation. Schott has asked Applied Power management and employees to remain with the company. John Elting will remain with the company as Chief Operating Officer, and Sam Vanderhoof, who has a long-standing career in photovoltaics, will become president of Schott Applied Power Corp.
“We are very excited about the future potential in photovoltaics,” said Dr. Hans-Joachim Konz, Chairman of the newly acquired company. “Applied Power is a highly respected company and a leader in its field, offering us the opportunity to participate in this dynamic market. Photovoltaics are an excellent fit with Schott’s vision, which emphasizes that we will improve how people live and work through expert solutions. This acquisition is Schott’s first step into the industry, and we will expand this business globally with the help of our worldwide sales organization.”
Schott Corporation, whose base product is special glass, components and systems, is the North American headquarters for the Schott Group (Germany). Including the newly acquired Applied Power Corporation, Schott Corporation has 16 divisions and subsidiaries employing approximately 3,200 people. The Schott Group employs more than 19,500 people worldwide and has sales of nearly $1.8 billion. Last year’s sales growth worldwide was more than 24 percent.
Boise, Idaho-based IDACORP, formed in 1998, is the holding company over the regulated electric utility, Idaho Power Co., and the non-regulated activities of Ida-West Energy Co., its independent power project management and development arm; IDACORP Energy, a marketer of energy and energy-related products and services; IDACORP Services, a marketer of products and services to residential and business customers; IDACORP Financial, which makes non-utility investments, primarily in affordable housing projects; and IDACORP Technologies, a subsidiary focused on new, clean energy technologies.