FREMONT, CA—Seagate Technology has closed on the sale of Solyndra LLC's former solar-panel factory, launching the new chapter for the high-profile building.
The transaction was completed Friday, according to the Silicon Valley Business Journal. The price was thought to be close to the $90.3 million price previously reported.
Seagate emerges with a 412,000-square-foot facility Solyndra originally built for $300 million. The building went dark after Solyndra filed for bankruptcy in late 2011.
A significant transaction in itself, the deal gained more international attention because of the property's connection to the high-profile failed solar-panel maker. The company's bankruptcy caused a serious political controversy because it had accepted hundreds of millions of dollars in federal loan guarantees. The city of Fremont welcomed the sale when as a fresh start and symbol of investment in the community by Seagate, which is already a large employer in the area.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
