12 Aug '17, 1pm

Germany's SolarWorld Starts Anew, U.S. Arm Provides Update - Solar Industry

After reaching an acquisition agreement earlier this week, Germany-based module manufacturer SolarWorld AG has received approval to hand over its German production facilities and its distribution companies in Europe, Asia and Africa to SolarWorld Industries GmbH, a newly formed entity led by SolarWorld founder Dr.-Ing. Eh Frank Asbeck. Details – financial, structural or otherwise – were not disclosed, but a press release indicates the deal will directly save approximately 500 of at least 1,700 jobs. Reiterating its long-held claim that module oversupply and cheap imports from Chinese-owned companies were hurting the domestic market, SolarWorld AG and its German subsidiaries filed for insolvency proceedings in May and had been working to find a solution to its financial troubles with an insolvency administrator ever since. SolarWorld Americas, the U.S. subsidiary that opera...

Full article: http://solarindustrymag.com/germanys-solarworld-starts-an...

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