Conglomerate Ayala Corp. acquired a 78.2-percent interest in US solar solutions provider Merlin Solar Technologies Inc. as it continues to expand its manufacturing portfolio.
Ayala said in a disclosure to the stock exchange Monday wholly-owned unit AC Industrials Technology Holdings Inc. bought a controlling stake in Merlin and plans to establish a manufacturing presence in the Philippines through Integrated Microelectronics Inc., a subsidiary of AC Industrials.
Based in San Jose, California with additional manufacturing facilities in Thailand, Merlin is an emerging company that is developing differentiated solar solutions resulting in products with high durability, flexibility and increased solar power output.
Ayala said the investment formed part of its strategy, through AC Industrials, to boost its presence in the global and domestic industrial technologies by capitalizing on opportunities arising from disruptive technological shifts, changing industry landscapes and increasing demand from end-users.