Würth and Manz sign transfer agreement

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The acquisition is expected to take place on January 1, and 118 of Würth’s employees will be transferred to Manz.

"We are quite satisfied that we have come to a mutual agreement with Manz in all points, allowing us the transfer contract’s finalisation according to schedule before end of 2011. Our intention now is to propel further development of the CIGS innovation line under the roof of Manz AG without delay," said Bernd Sprecher, Würth Solar managing director. He will also transfer to Manz following the takeover.

In November, the two parties entered into a letter of intent. It was announced at the time that before the handover occurs, Würth would reduce its production line from 30 megawatts (MW) to six MW and convert it into an innovation line.

Manz said the converted line will be used "for the further development of CIGS production and process technology". The company will also acquire production technology licenses and know how from Würth.

Würth, with its remaining 250 employees, will focus exclusively on the sale of photovoltaic systems, complete plants and turnkey solar power stations. In a statement, the company said, "For the next year, the company plans a sales growth up to more than €350 million, compared with current year’s revenue of app. €270 million."

Key markets include the U.S., France, Spain, Italy, Greece and Switzerland.