Solarwatt can now devote itself to restructuring after the Dresden District Court confirmed the companys plan and revoked its insolvency proceedings. CEO, Detlef Neuhaus has said the company now wants to shift its focus from being a photovoltaic module manufacturer to a system supplier.
Under the approval of the supervisory board, an agreement between management and the workers council has been made to implement shorter working hours for photovoltaic module production. As such, in the next six months, shorter hours will be introduced to control capacity, if deemed necessary. The decision will be made on a weekly basis. Development and production activities, meanwhile, will continue, said Solarwatt.
With the closure of insolvency proceedings, BMW heir, Stefan Quandt is now officially the new majority shareholder of Solarwatt. Other changes include the departure of Frank Schneider and Ulrich Link from the board of the photovoltaic manufacturer. Their responsibilities will be shared among Neuhaus and Carsten Bovenschen, and the respective department heads.
Translated by Becky Beetz.