Australian Solar Company Purchases Competitor

[] Solco Limited of Austria completed negotiations to purchase Choice Electric for AUD 2.22 million (US $1.74 million) in a combination of Solco shares and cash. Solco said the deal is expected to double their revenue in the 2006 financial year as well as contribute at least $450,000 to the company’s profitability. Solco provides a full range of solar hot water systems, solar power solutions, solar water pumping, solar water purification, and domestic water management solutions for the Australian market. Choice Electric is one of the main Australian distributors for Sharp solar and Fronius. Its customers include Telstra, Origin Energy, Ergon Energy, and the Queensland Government.
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