Emcore Acquires Tecstar's Applied Solar Division

SOMERSET, N.J., March 18 -- Emcore Corp. has completed the acquisition of the Applied Solar Div. of Tecstar Inc. Emcore said the acquisition will help it penetrate the satellite communications sector and enable the company to provide satellite manufacturers with proven integrated satellite power solutions that considerably improve satellite economics.

Under the terms of the acquisition, which was completed on March 13, Emcore paid approximately $20 million for Tecstar's Applied Solar Div., with additional financing for forgiveness of a debtor-in-possession loan, making the total purchase consideration approximately $21 million. In 2001, Tecstar had revenues of approximately $23 million.