Solon officially saved01. March 2012 | Top News, Industry & Suppliers, Markets & Trends | By: Becky Stuart
It has been officially confirmed today that after weeks of negotiations, Microsol will take over the majority of Berlin-based Solon. The contract will become valid on March 5.
In a statement released by Solon’s liquidator, Rüdiger Wienberg, from the firm hww wienberg Wilhelm, it was announced that Indian-Arabic company, Microsol has submitted a binding offer to buy nearly all of the Solon Group’s business operations. It has further promised that 433 of the 471 jobs will be retained, in addition to the Berlin location.
The purchase price has not been disclosed, however, the takeover has already been approved by Germany’s Federal Cartel Authority.
The sale of a business by the liquidator is only possible after the opening of insolvency proceedings, according to insolvency law, explained the statement. The process was opened this morning.
"That it was possible to find a buyer for Solon, in such a short time and in such a difficult environment, is a great success," commented Wienberg. "It was particularly important [to find a buyer] since the insolvency fund expired at the end of February, and only upon acceptance by Microsol, is the continuation of the business in open insolvency possible."
According to the statement, Microsol wants to take over the research and development department in Berlin Adlershof, in addition to the central functions of the other businesses, such as purchasing and sales. As a result, 311 of the 326 Berlin jobs will remain. Furthermore, the company is looking to acquire the manufacturing operations of Solon Photovoltaik GmbH, also in Berlin Adlershof, including 122 of the 125 jobs, the Italian subsidiary, Solon S.p.A. with 177 jobs – Solon S.p.A. shut down its module production at the start of February – and the U.S. subsidiary, Solon Corp, with 58 jobs.
The operation of Solon Nord, based in Griefswald will, however, be discontinued, meaning the 18 employees located there will be laid off. In relation to Solon’s French subsidiary, where 10 people are employed, Wienberg is still looking for a buyer.
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