SolarWorld kicked out of Germany’s TecDAX

06. March 2013 | Investor news, Industry & Suppliers | By:  Sandra Enkhardt

Germany’s stock exchange has reorganized its indices. From the middle of the month, SolarWorld AG will be removed from the TecDAX.

SolarWorld Freiburg solar photovoltaic manufacturing facility

SolarWorld's shares are currently valued at around €1.20 each.

In an announcement on Tuesday, March 5, the stock exchange said that SolarWorld AG would be removed from the TecDAX on March 18. Over the past months, the shares of the Germany-based photovoltaic manufacturer have dropped in value.

In the fall of 2007, SolarWorld reached an absolute high when it hit more than €47 per share. However, in recent times, its shares have fallen into the penny or cent stock region. Currently, they are valued at around €1.20 each.

At the end of January, SolarWorld announced that it will have to undertake massive debt adjustments and business restructuring. It has also separated from long time chief operating officer, Boris Klebensberger. According to a statement from SolarWorld, both sides mutually agreed on the decision.

Consequently, the production sites in the U.S. and Germany’s Freiburg will be represented by Gordon Brinser and Mario Behrendt as divisional directors. Meanwhile, Frank Asbeck will assume overall responsibility of SolarWorld’s business operations.

Translated by Becky Beetz.


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