Centrosolar sells subsidiary to Belgian solar glass manufacturer08. May 2013 | Global PV markets, Markets & Trends | By: Sandra Enkhardt
Centrosolar Group AG announced yesterday that it has sold its subsidiary Centrosolar Glas GmbH to Belgian solar glass manufacturer Ducatt NV for a symbolic price, as part of its restructuring program, according to a company statement.
The Munich-based photovoltaics company has signed a share purchase agreement with Ducatt NV in which the Belgian firm acquired a 100% stake of Centrosolar Glas GmbH. According to the statement, Centrosolar sold its subsidiary for a symbolic price and Ducatt will have a share of the subsidiary’s future profits.
In addition, the company said that thanks to this agreement it will be able to reduce its consolidated financial liabilities by approximately €14 million. In this way, Centrosolar will focus on its core business of photovoltaic roof systems for private and commercial applications. However, both companies have agreed that Centrosolar Group AG will continue to buy a significant share of Centrosolar Glas' glass products via Ducatt.
Centrosolar had already announced its plans to sell the subsidiary as part of its restructuring process. The solar glass technology is no longer part of the company's core business. Furthermore, Ducatt will make technology and cost improvements.
The Belgian company has a strong presence in the segment of thin patterned glass that is used for solar applications, the statement said. "Thin glass is a key prerequisite for a new generation of glass-glass- modules," it added. Centrosolar had launched a thin glass for glass-glass modules in the fall of 2012.
About four weeks ago, the Germany-based company announced the key points of its restructuring program to help reduce its €90 million debt. Previously, the firm had said that more than half of its nominal capital.
According to the current restructuring plans, there will be a capital reduction of 25:1 and the issuance of new shares. An extraordinary shareholders meeting is scheduled for May 22 to discuss this issues. Bond creditors will have to approve this beforehand. Last week, the first creditors meeting did not manage to have a quorum. Finally, on May 21, the creditors will decide about the convertible bonds.
Translated by Vera von Kreutzbruck.
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