China Sunergy announces acquisition of 2 solar module manufacturers

15. June 2010 | Markets & Trends, Careers & Recruitment | By:  Becky Stuart

China Sunergy Co., Ltd. has announced an agreement to acquire 100 percent of the shares of two related module manufacturers, CEEG (Shanghai) Solar Science & Technology Co., Ltd and CEEG (Nan Jing) New Energy Co., Ltd.

Chairman Lu.

Chairman Lu. Image: Sunergy.

"These acquisitions enhance China Sunergy's position in the downstream photovoltaic market and advance our initiative of developing into a comprehensive solution provider and providing value-added services to customers," commented Mr. Lu Tingxiu, chairman of China Sunergy. "We look forward to realizing these strategies by bringing polycrystalline module manufacturing in-house and strengthening our competitive advantages within the solar sector.

"Being vertically integrated will help to stabilize and increase margins in a possibly volatile environment, while representing a transformation towards a solution provider.

"We are reshaping the company from a single dimension manufacturing-oriented business into a platform with two pillars: technological innovation and a closer distribution channel to end customers. This acquisition will also positively impact China Sunergy's customer composition, as we can further focus on providing value-added services to system installers and integrators."

CEEG (Shanghai) Solar Science & Technology and CEEG (NanJing) New Energy integrate the R&D, production, sales and servicing of solar modules, with total annual production capacities of 150 megawatts (MW) and 70 MW, respectively, with capacity forecasted to be 300 MW and 170 MW by the middle of the year. Both companies were controlled by China Electric Equipment Group Co., Ltd., a company controlled by Mr. Tingxiu Lu, China Sunergy's chairman.

In other news, Sunergy has appointed a new CEO. Mr. Stephen Zhifang Cai will replace Mr. Allen Wang, China Sunergy's former CEO, who tendered his resignation from the company for personal reasons.

Mr. Cai's previous positions have included director of China Electric Equipment Group, CEO of CEEG PV Business, chairman of CEEG Shanghai Science and Technology, and management roles at DuPont China and the Shanghai Institute of Chemical Fiber.

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