DGAP-News: Global PVQ SE: Q.CELLS transferred to new owner
(firmenpresse) - DGAP-News: Global PVQ SE / Key word(s): Acquisition
Global PVQ SE: Q.CELLS transferred to new owner
19.10.2012 / 17:34
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Press release
Q.CELLS transferred to new owner
Bitterfeld-Wolfen, 19 October 2012. Q-Cells SE's insolvency administrator
Henning Schorisch has transferred the photovoltaics company to its new
owner today. More than 80 per cent of jobs were thus secured, despite the
insolvency proceedings.
The company was bought by an indirect subsidiary of Hanwha Chemical
Corporation, which is part of one of the largest South Korean corporations
with 2011 sales of USD 31.6 billion. This takeover provides Q-Cells with a
strong partner exhibiting a long-term orientation. Q-Cells will gain access
to new technologies and thus new markets.
The purchase agreement had already been signed on 26 August 2012. The
creditors approved a few days later, on 29 August. Subsequently, both
contracting parties prepared the transfer of the company and implemented
the contractual terms and conditions for the handover. The relevant
anti-trust authorities have also given their approval. As of today, the
sales process has been successfully concluded and Q-Cells is now part of
Hanwha.
Q-Cells had filed for insolvency on 3 April 2012. However, insolvency
administrator Henning Schorisch managed to rapidly reactivate business
operations. Driven by sales and organisational measures, sales revenues
even improved again and production went back to multiple shifts. As a
consequence, job cuts were avoided throughout the entire insolvency
process. Moreover, Schorisch had immediately initiated an investor process
and started negotiations with interested parties. At the same time, the
option of an insolvency plan was assessed and presented to the creditors.
By going for Hanwha, a buyer with a long-term interest in German solar
operations was found.
'This is particularly positive news as the solar industry in Germany, but
also globally, is currently going through a heavy crisis and many companies
are facing failure,' Schorisch emphasised today, after the company was
handed over to Hanwha. 'In Hanwha, Q-Cells found a new owner committed to
the locations in Saxony-Anhalt and Berlin.' Following Solon, Solibro and
SunStrom, Q-Cells is the fourth larger solar company this year having been
saved under the management of an insolvency administrator from the law firm
hww wienberg wilhelm.
In context of a transferred restructuring process, Hanwha takes over more
than 80 per cent of the workforce - roughly 1,300 out of a total of 1,500
employees are keeping their jobs - as well as the far larger part of the
entire Q-Cells Group: in Germany, this pertains to the site in
Bitterfeld-Wolfen with solar cell and module research, development and
production as well as the sales location in Berlin; abroad, the site in
Malaysia with an unchanged number of about 500 employees as well as the
sales companies in the US, Japan and Australia. The integration process
entailed job cuts in Q-Cells' administration department, as there are
overlaps with the Hanwha organisation, as well as in production, which is
also due to the progress in modernising the production line at the Thalheim
site, which was accomplished during the insolvency process.
Schorisch again extended his thanks to the Q-Cells employees: 'The
successful transaction would never have been possible without the unfailing
commitment of the Q-Cells workforce.'
CONTACT Q.CELLS
Global PVQ SE
OT Thalheim, Sonnenallee 17-21
06766 Bitterfeld-Wolfen, Germany
FAX +49 (0)3494 6699.10000
WEB www.q-cells.de
Press contact insolvency administrator at Q.CELLS
Christoph Möller
TEL +49 (0)221-801087-87
EMAIL cm(at)moeller-pr.de
Q.CELLS Corporate Communications
Jochen Endle
TEL +49 (0)3494 6699 10121
EMAIL presse(at)q-cells.com
Lawyer Henning Schorisch, insolvency administrator of Q-Cells
Executive Board: Dr Nedim Cen (CEO, CFO), Dr Andreas von Zitzewitz (COO,
CSO)
Chairman of the Supervisory Board: Prof Dr h c Karlheinz Hornung
End of Corporate News
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19.10.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Global PVQ SE
Sonnenallee 17-21
06766 Bitterfeld-Wolfen OT Thalheim
Germany
Phone: +49 (0)3494 - 6699-0
Fax: +49 (0)3494 - 6699-199
E-mail: q-cells(at)q-cells.com
Internet: www.q-cells.com
ISIN: DE0005558662, Wandelanleihe 2012: DE000A0LMY64,
Wandelanleihe 2014: DE000A1AGZ06, Wandelanleihe 2015:
DE000A1E8HF6
WKN: 555866
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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188971 19.10.2012
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Datum: 19.10.2012 - 17:34 Uhr
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News-ID 194307
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