The shareholders of Enfield solar parts manufacturer STR Holdings approved the sale of 51 percent of the company to a Chinese solar farm developer.
In the vote on Friday, stockholders approved in an 18-million-to-30,876 vote to sell the majority stake in the company to China solar developer Zhenfa Energy Group for $21.7 million.
Stockholders also gave the company permission to reverse split the firm’s stock if necessary in order to remain compliant with the New York Stock Exchange requirements on pricing, as a result of all the new shares the company is issuing to Zhenfa.
As part of the deal, Zhenfa will provide STR with a manufacturing facility in China. The Connecticut firm, which will remain headquartered in Enfield, recently sold its East Windsor manufacturing facility.
