Westinghouse Solar Inc. canceled an agreement to be acquired by Australia’s CBD Energy Ltd. after the deal was “repeatedly delayed.”
Westinghouse terminated the deal yesterday and is now focused on “rebuilding its core business,” according to a filing today from the Campbell, California-based company.
Westinghouse, which designs and installs residential and commercial solar systems, agreed to be acquired by CBD in May 2012, a deal that would have given the Australian company access to the U.S. market. The acquisition was initially set to close in the third quarter of last year.
Delays in completing the deal have “resulted in a disruption” in Westinghouse’s relationships with suppliers and led to a “significant decline” in revenue, according to the statement.