Shareholders of Taiwan-based solar cell makers Neo Solar Power (NSP), Gintech Energy and Solartech Energy have approved the three companies’ planned merger.
NSP will become the surviving company after the merger and will change the corporate name to United Renewable Energy (URE).
The new company would focus on boosting its presence in the solar panel assembly business.
“We hope our transformation efforts and the merger synergies will ... lead to a turnaround in operations,” said Sam Hong, NSP chairman.
The merger would help reduce manufacturing costs, given stronger bargaining power for raw materials when buying on a large scale and improved manufacturing efficiency, according to Taipei Times.
The deal is expected to be completed later this year.
