COMPOSITE TECH FINALIZING UK ACQUISITION
IRVINE - 05/31/06 - The Composite Technology Corporation is in the process of ironing out the details of its acquisition of UK-headquartered EU Energy plc.
The principals held a meeting recently to form a joint committee to advise on the management of the on going business of EU until the acquisition is completed.
According to sources, the committee will decide on several issue including the selection of a US assembly plant from a short list of three prospective sites; ensure that production capacity at the plant would accommodate Composite's 2007-2008 planned reserved production, valued at more than $1 billion in revenues; and integrate both companies' accounting and financial control systems and plan for the introduction of Sarbanes Oxley reporting and auditing requirements.
Composite Technology Corp. develops, manufactures, and sells products made of high-performance composite materials to create applications for the generation, transmission and distribution of electrical power.
EU Energy plc is a Milton Keynes, UK-based alternative energy group.
In July 2005, the company acquired DeWind GmbH to develop the market for DeWind wind energy turbines worldwide including India, Eastern Europe, and, soon, Canada and the US.
According to industry sources, EU Energy plc plans to establish assembly plants in its local markets.
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