H. C. Stark Signs Letter of Intent for Indec Acquisition
November 18, 2002
H.C. Starck and the current shareholders of InDEC B.V., ECN and Planet Capital have signed a non-binding letter of intent. H.C. Starck intends to acquire a majority shareholding in InDEC, a Dutch fuel cell company, with the option of acquiring the remaining interest at a later date. The implementation of these plans is conditional upon due diligence, the negotiation of the final agreement, and approval by the boards of the involved companies. Through the proposed investment in InDEC, H.C. Starck intends to acquire a strategic and prominent foothold in the solid oxide fuel cell (SOFC) market. H.C. Starck will provide InDEC with its experience in commercializing high-tech products in fast growing markets, which will enable InDEC to leverage its advanced knowledge in ceramic fuel cells by positioning itself as a worldwide supplier of SOFC cells to stack and system developing industries.