Centrotherm sells another subsidiary02. May 2013 | Global PV markets, Markets & Trends | By: Vera von Kreutzbruck
Centrotherm has sold subsidiary GP Solar to German software company Isra Vision AG. Meanwhile, the company's insolvency proceedings at the Ulm District Court are expected to be completed by the end of this month.
GP solar was said not to "form part of its core business," according to a statement released by Germany-based centrotherm photovoltaics AG. It added that the purchase price will be based on around 50% of GP Solar’s 2013 revenue forecast and a unit-based earnout component; GP Solar and its subsidiary, GP Inspect, forecast revenues of over €3 million.
Also agreed in the purchase was a supplier partnership under which centrotherm's photovoltaic and semiconductor customers are expected to benefit.
"With Isra Vision, we have found a strategic investor that can act as a well-equipped partner to GP Solar in tapping the future potential of the photovoltaic sector," commented Tobias Hoefer and Jan von Schuckmann, management board members.
The Dresden-based subsidiary FHR Anlagenbau GmbH will remain in the group because its products and services are said to reflect the group's "core competences," the statement continued.
In addition, newly-established subsidiary, SiTech GmbH will continue to operate the silicon and wafer division. Among other projects, it currently is in charge of the construction of a polysilicon factory in Qatar.
Centrotherm is looking forward to terminating its insolvency proceedings - initiated last July - after the company's shareholders and creditors approved the insolvency plan on January 29.
In today's statement, the company announced that the Ulm District Court confirmed the plan last Friday. As such, insolvency proceedings are expected to be dismissed by the end of this month.
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