Meyer Burger Divests Non-PV Related Diamond Wire Business to Thermocompact Group

On March 1, 2017, Meyer Burger Technology Ltd. announced its decision to discontinue the proprietary wire production for diamond wire at Diamond Materials Tech Inc. (DMT) in Colorado Springs, CO. Meyer Burger has signed a binding asset purchase agreement with Thermocompact Group now, which will acquire the remaining DMT business for an amount of about $6 million in cash.
 
The closing of the transaction is expected by mid-December 2017. As a result of this transaction, about 25 employees will be transferred to Thermocompact Group. The diamond wire business previously serving PV-related applications has already been closed by Meyer Burger during the first half-year of 2017.
 
Thermocompact Group has dedicated expertise in precious metals coating, high technology wire for EDM applications and fixed abrasive highly technical engineered wires for photovoltaic, electronic and LED industries. The company serves various fields of industries such as automotive, aeronautics, space, connectors, medical and precision cutting.  www.thermocompact.com
  
“As we had already announced the discontinuation of our diamond wire business in Colorado Springs in March 2017, we are pleased that we found a good industrial solution for the non-PV oriented business now, with the sale of these activities to Thermocompact,” Hans Brändle, CEO at Meyer Burger, said.