BP Amoco buys out Enron's stake in joint solar power firm

BP Amoco announced last week it would pay Enron Corp. $45 million for the 50% the combine does not already own in Solarex, a company formed in 1973 that became an Amoco Corp./Enron joint venture in 1995. In 1998, Solarex had a turnover of $58 million, while BP Solar, established in 1981 and with worldwide annual capacity to manufacture solar panels with combined capacity of 13.2 MW, had a turnover of $95 million. The integrated solar company will be named BP Solarex and headquartered in Frederick, Md., to combine the current operations of Solarex and BP Solar. The company will be headed by Harry Shrimp, recently appointed president and CEO of Solarex, while its chairman will...

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