Hanwha wins Q.Cells bid

29. August 2012 | Top News, Industry & Suppliers, Markets & Trends | By:  Becky Beetz

Q.Cells SE has announced that the South Korea-based Hanwha Group has won its bid to take the insolvent Germany company over.

Q.Cells HQ Germany

Q.Cells' German and Malaysian production sites will be maintained.

Said to have been approved by a "large majority" of Q.Cells creditors, Hanwha has said it will retain around 1,250 of the company’s 1,550 strong workforce. The jobs cuts will mainly be applied in Q.Cells' administration division, where there is said to be "considerable overlap" with Hanwha’s organizational structure.

The South Korean conglomerate has also said it will maintain the company’s solar cell and module R&D and production site in Bitterfeld-Wolfen, and the administration office in Berlin. In Malaysia, it said that both the production site and around 500 employees will be kept on. Furthermore, "some" international sales companies – which have not yet been identified – will be retained.

While the exact purchase price has not been divulged, it is said to comprise "the takeover of operational liabilities in the lower triple-digit millions as well as a cash component in the mid double-digit millions, while the cash component depends on the volume of additional liabilities that will have to be taken over." The purchase agreement is still be approved by the relevant anti-trust authorities.

Commenting, Q.Cells’ insolvency administrator, Henning Schorisch stated, "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."

He added, "While I regret the fact that there are certain job losses, I am very happy that Q. Cells has found a strong partner in Hanwha, who has the necessary means to provide company, brand and staff with long-term perspectives again."

Regarding the affected employees, Schorisch said that negotiations are already underway with the works council. It is hoped that funds could be raised to establish a re-employment and training company.

Below is a timeline of events in the run up to today's news:

To leave a comment you must first sign in or register your details

No comments

No comments have been submitted yet. Why not login or register and be the first?

Daily newsletter

Keep your finger firmly on the photovoltaic pulse: sign up for our daily newsletter

Magazine subscription

Choose between a digital and print subscription from pv magazine's online shop. A non-subscriber? Check out our sample articles.

Press releases

Want to publish your press releases for free? Simply log in or register, enter the information you want to appear and we'll publish it for you!