Flagsol was a joint venture between Solar Millennium and Ferrostaal. Following the transaction, Ferrostaal now has complete control of Flagsol, which focuses on engineering and plant construction in the solar thermal sector, and its 80 staff. The financial details were not disclosed.
In a statement released, it was said that Ferrostaal should keep the company headquarters in Cologne, Germany. "Im extremely pleased about the fact that all jobs were saved and that we managed at the same time to generate significant proceeds for Solar Millennium AGs creditors," stated Volker Böhm, Solar Millennium insolvency administrator.