Creditors approve sale of Germany photovoltaic firm Q-Cells

29 August 2012 16:34  [Source: ICIS news]

LONDON (ICIS)--The creditors of insolvent German photovoltaic firm Q-Cells have approved the sale of the company to South Korea-based Hanwha Group in a deal worth around €40m ($32m), officials said on Wednesday.

Q-Cells had filed for insolvency in April – one of a number of high-profile insolvencies this year in Germany’s photovoltaic sector amid tough international competition, overcapacities, pricing pressures and cuts in German government subsidies for the sector.

Insolvency administrator Henning Schorisch said that Hanwha will take over, among other assets, Q-Cells' solar cell and solar module research and production site in Bitterfeld-Wolfen in Germany's Saxony-Anhalt state, and a production site in Malaysia.

Hanwha will continue to employ 1,250 of Q-Cells' 1,550 workers, Schorisch added.

“In the current macroeconomic and political environment, which is extremely difficult for Q-Cells, it is a great success that we managed to maintain not only research and development, but also the production capacities at the Bitterfeld-Wolfen site,” Schorisch said.

The purchase price for Q-Cells is "composed of the takeover of operational liabilities in the lower triple-digit millions [of euros] as well as a cash component in the mid double-digit millions,” Schorisch said without disclosing the precise transaction value.

Hanwha, in a separate statement, said that the deal's value is about €40m. With the acquisition of Q-Cells, Hanwha will become the world’s third largest solar cell manufacturer, it said.

($1 = €0.80)

By: Stefan Baumgarten
+1 713 525 2653

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