At the start of March, Oerlikon unveiled its intentions to sell its thin film photovoltaic operations to Tokyo Electron on the back of "extremely challenging" market conditions and a lack of consumer investment.
Chinas Ministry of Commerce (MOFCOM) has now approved the sale, meaning all regulatory requirements have now been fulfilled. As such, the two parties are now ready to finalize the deal. "Oerlikon thanks the German and Chinese authorities for their professional handling of the merger control assessment," said the company in a statement released.
Oerlikon Solar produces equipment and turnkey manufacturing lines for the manufacture of thin film silicon photovoltaic modules. Despite successes in new production line launches and cost cutting measures, the company suffered significant losses due to large overcapacities and reduced demand.