Swiss technology company Komax yesterday confirmed the sale of its 51% stake in Komax Jinchen a joint venture between Komax Group and China’s Yingkou Jinchen in a move that sees the company distance itself from the solar industry.
Having produced laminators for the Chinese PV market under the Komax Jinchen brand name, Komax reported as early as August last year its intention to sell its solar business. This sale, according to a brief press statement issued by Komax Group yesterday, marks the completion of that first step.
Once the transaction has been approved by the appropriate Chinese authorities, Yingkou Jinchen will be full owners of the Komax Jinchen brand, and will continues the business’s operations as normal.
For Komax Group, the news comes one day after the publication of the company’s financial figures for 2013, which were largely positive. With the sale of the solar division, the group intends to focus more strongly on what it calls the "high-income business of Komax wire."
Despite the sale, the Komax solar division enjoyed a relatively strong showing in 2013, generating sales of more than $22 million, which was more than double the revenues posted a year previously.
However, faced with a massive surplus capacity across the global solar sector, the company felt it was in its best interest to pivot away from the industry in the short term, hinting at the possibility of a return to the PV sector in the longer term.