In an announcement on Tuesday, March 5, the stock exchange said that SolarWorld AG would be removed from the TecDAX on March 18. Over the past months, the shares of the Germany-based photovoltaic manufacturer have dropped in value.
In the fall of 2007, SolarWorld reached an absolute high when it hit more than 47 per share. However, in recent times, its shares have fallen into the penny or cent stock region. Currently, they are valued at around 1.20 each.
At the end of January, SolarWorld announced that it will have to undertake massive debt adjustments and business restructuring. It has also separated from long time chief operating officer, Boris Klebensberger. According to a statement from SolarWorld, both sides mutually agreed on the decision.
Consequently, the production sites in the U.S. and Germanys Freiburg will be represented by Gordon Brinser and Mario Behrendt as divisional directors. Meanwhile, Frank Asbeck will assume overall responsibility of SolarWorlds business operations.
Translated by Becky Beetz.