Carmanah seeks to sell solar power businesses

Oct 12, 2016 08:47 CEST by Ivan Shumkov

October 12 – Canada’s Carmanah Technologies Corp (TSE:CMH) said on Tuesday it plans to sell its entire power division, including operations focused on solar power installations and solar solutions for vehicles.

The company is seeking buyers for its Victoria-based Go Power! business, which provides solar power solutions for the recreational vehicle and industrial work truck markets through original equipment manufacturer (OEM) and aftermarket channels. Canaccord Genuity Corp is advising Carmanah on the sale of that business.

Also, the firm wants to divest its Toronto-based Carmanah Solar EPC Services business, which designs and builds ground mount and rooftop solar power plants. Alexander Capital Group Inc is consulting it on this divestiture.

Together, these two businesses represented about 35% of the company’s revenue in the nine months ended September 30, 2016, it noted.

“These divestitures will enable us to focus on our vision to become the global leader in signals and solar LED illumination for infrastructure,” said CEO John Simmons. He added that the company will use the sale proceeds to speed up organic growth, invest more in innovation and support its continuing effort to acquire businesses active in the signals space.

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