SPI is buying All-Zip Roofing for 275 million yuan ($44.3
million), subject to closing conditions, the Shanghai-based
developer said in a statement Thursday.
The roofing company “fits well with SPI’s strategy to
capitalize on the growing market in China for the development of
distributed-generation solar,” Chairman Xiaofeng Peng said in
the statement. “All-Zip gives SPI a strong foundation to
capture market share.”
LDK owns about 24 percent of SPI, according to data
compiled by Bloomberg. SPI moved its headquarters to Shanghai
from California in January.
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Jim Efstathiou Jr., Will Wade