IDACORP Inc has sold its wholly-owned subsidiary Applied Power Corp of Lacey, Washington, to Schott Corp of Yonkers, New Yor. Terms were not disclosed.
BOISE, Idaho – Applied Power is a manufacturer and distributor of solar photovoltaic systems. It was acquired in 1996 by IDACORP of Boise, which expanded the company from 13 employees in the northwest to 75 employees with operations in Massachusetts and California. “We will continue to invest in and develop promising new energy technologies, including our commitment to the fuel cell market,” says president and CEO Jan Packwood. “As we have pursued growth strategies for APC, 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 APC’s success would come with international ownership.” The company will be renamed Schott Applied Power Corp. APC management and employees have been asked to stay with the company. John Elting will remain as COO while Sam Vanderhoof, with a long-standing career in PV, will become president. “We are very excited about the future potential in photovoltaics,” says Hans-Joachim Konz, chairman of the new 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,” he adds. “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.” The base product of Schott is special glass, components and systems. Including APC, it has 16 divisions and subsidiaries employing 3,200 workers. The Schott Group employs 19,500 people worldwide, with sales of $1.8 billion. IDACORP is the holding company for the regulated electric utility, Idaho Power, and the non-regulated activities of Ida-West Energy, its independent power project management and development arm. The IDACORP Technologies subsidiary is focused on clean energy technologies.