Flex completes Nextracker spin-off

US solar tracker maker Nextracker Inc (NASDAQ:NXT) has completed its separation from electronics manufacturer Flex Ltd (NASDAQ:FLEX), the companies said on Tuesday.

Flex has finalised the spin-off of all of its remaining interests in Nextracker to Flex shareholders, who received about 0.17 shares of Nextracker Class A common stock for every Flex ordinary share.

Nextracker continues to trade on Nasdaq under the ticker symbol NXT. Its founder and chief executive Dan Shugar expressed excitement about Nextracker’s future as an independent company.

“Solar comprises the largest share of new power generation capacity globally, and Nextracker is well positioned to continue driving utility-scale and distributed generation solar power as the world transitions to renewable energy,” Shugar said.

In a LinkedIn post, he reflected that the 10-year world company has been part of Flex for eight years. “While we operated as an independent subsidiary, Flex helped us mature business processes and serve customers in new markets like Brazil and India,” Shugar noted.

Nextracker plans to continue its relationship with Flex as a contract manufacturer of electronics, he added.

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