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Seagate Technology To Buy Shuttered Solyndra Plant

FREMONT (CBS / AP) — Seagate Technology has reached a tentative deal to buy the former headquarters of solar company Solyndra.

The Oakland Tribune reports the Cupertino-based maker of disc drives has entered into an agreement to purchase the massive building in Fremont, which has been empty since Solyndra filed for bankruptcy protection in September 2011.

Seagate spokesman Brian Ziel said in a statement the deal to buy the 412,000-square-foot complex was subject to a “diligence review” over the next 45 days.

Seagate did not say what it planned to do with the complex or how much it will pay for the property.

Court records showed the building was estimated to be worth $150 million, although it had cost $300 million to build.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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