Insolvent German group Wagner & Co. Solartechnik GmbH has won a new lease on life following its acquisition by Dutch group Sanderink, which has taken over the company’s photovoltaic, thermal and assembly systems.
The Wagner Solar brand name will continue under Sanderink’s ownership.
Wagner filed for insolvency in April. Established in Marburg in 1979, the company is now based in nearby Coelbe and Kirchain. Wagner is a system provider of solar installations and offers solutions in the areas of solar power, solar heating and pellet heating systems for homes and buildings. The company is also active in France, Britain, Italy, Spain and North America through subsidiaries and partnerships. Wagner is likewise a leading solar thermal collector manufacturer in Europe.
"This is a huge success because it was hard work in the difficult current market environment to find an investor who could provide sustainable future prospects for Wagner Solar," said Jan Markus Plathner, the company’s court-appointed insolvency administrator. "Only by the willingness on all sides to make concessions, we were able to implement this restructuring strategy and thus obtain the majority of jobs at the sites in Coelbe and Kirchhain."
Plathner managed to continue the company’s operation with the support of customers, financial partners and staff following its insolvency while seeking new investors.
Sanderink, headed by Gerard Sanderink, owns an internationally active group of companies operating in the fields of software, infrastructure, environmental technology and renewable energy.
Wagner and its approximately 80 employees will remain in Coelbe and Kirchhain in the German state of Hesse following its restructuring.
Brigitte van Egten, director the Netherlands Dutch Solar Systems, will head Wagner. Andreas Knoch will serve as head of sales and technology while Michael Fina will oversee purchasing, production and logistics.
"We are very pleased to have come to such successful conclusion after a hard struggle," van Egten said, adding that she had long had a good business relationship with Wagner & Co. and was therefore "absolutely convinced of the high quality of the products."
The parties did not offer details of the acquisition.