Composite Technology Corporation (CTC) announced on 16 March that it had completed meetings with principals of EU Energy plc to confirm details of the acquisition and to plan the business and integration of EU Energy during the acquisition period.
At the meeting it was agreed that CTC and EU management would form a joint committee to advise on the management of the ongoing business of EU until the acquisition is completed. This arrangement is subject to Board approval by EU. The joint committee would be headed by Michael Porter, CEO of EU, and Benton H Wilcoxon, CEO of CTC, and composed of not more than three members from each, with a specific area of responsibility.