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Daewoo Buys DeWind From Composite Technology Corporation
August 13, 2009Source: Clean Edge News
Composite Technology Corporation (CTC) recently announced that it has
reached an agreement to sell substantially all of the operating assets
and operating liabilities of DeWind Inc., including its subsidiaries and
certain assets of DeWind Ltd. to Daewoo Shipbuilding & Marine
Engineering Co., Ltd. of Korea.
According to the company, under the terms of the asset purchase
agreements, the sale price is approximately $46,500,000 for
substantially all of the operating assets and operating liabilities of
DeWind Inc., and approximately $3,000,000 for certain assets of DeWind
Ltd., subject to certain possible post-closing adjustments. The
transactions are subject to customary closing conditions and are
expected to close within the next 30 days. As part of the transaction,
most of the DeWind employees will move to DSME.