USA . M & A

GE Energy has acquired substantially all of the US business assets of AstroPower, a leading manufacturer of solar electric power products, creating a portfolio that now includes solar, wind and hydro interests.

AstroPower had filed a petition for Chapter 11 bankruptcy in February 2004, to allow for the sale of its assets and to meet other obligations. The transaction with GE was subject to competitive bidding and Bankruptcy Court approval. These procedures were completed in March 2004.

AstroPower developed, manufactured, and marketed a range of solar energy products including solar cells, modules and panels, as well as its SunChoice pre-packaged systems.