DOW JONES NEWSWIRES
JA Solar Holdings Co. (JASO) agreed to buy a solar-technology company for $29.3 million in cash from a company controlled by its chairman.
The Chinese solar-cell maker said it would buy Shanghai Jinglong Solar Technology Co. from Ningjin Jinglong PV Investment Co., which is controlled by JA Solar Chairman Baofang Jin.
The purchased company, Shanghai Jinglong, owns land, building and plants that JA Solar is already leasing for its module production in the Fengxian district of Shanghai. The deal, for 199 million Chinese yuan ($29.3 million), will expand JA's manufacturing operation with 206,590 square meters of land and 58,706 square meters of buildings and related facilities.
In quarterly results released in May, the company swung to a profit as volumes rose more than anticipated and revenue jumped.
Earlier Tuesday, JA Solar said it won a supply contract for silicon wafer maker MEMC Electronic Materials Inc. (WFR) through 2012, which boosted its American despositary shares. Financial details of that deal weren't disclosed.
JA Solar ADSs were down 0.8% at $4.53 in after-hours trading, after it had risen 5.3% in the regular session.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; email@example.com