Singulus launches financial and strategic restructuring

With sales having slumped by over €60 million (US$65.4 million) in 2014 on the back of weak demand from the solar segment and a collapse in revenues from its optical disk business, German equipment supplier Singulus is accelerating its move into new markets. The company announced a shift into new areas of business including the coating of plastic parts.

Singulus’ Decoline II tool will supply the plastic coating market. The company indicates that: “the strategic repositioning will be progressed vigorously.”

The Singulus Executive Board will also propose a number of measures to sure up the company’s financial position, which had suffered as a result of the 2014 losses. The Board will propose, at the company’s forthcoming AGM, that debt in the form of company bonds be exchanged for shares in the company. The company has also proposed that bearer shares be exchanged for registered shares.

While the move into new business areas and financial restructuring are targeted at addressing weaknesses exposed through the poor 2014 results, Singulus has had a significantly stronger start to 2015. It has booked around €60 million in businesses in Q1 2015, already all most half of the 2014 full-year total.

Solar bookings have featured strongly in this total, a reflection of the recovering solar equipment supply segment. Looking to solar equipment orders these have come in the form of CIGS deposition equipment to a Chinese producer currently adding CIGS capacity, presumably Hanergy, and wet chemistry texturing machines for HJT cell production. pv magazine understands this latter order is for a North American producer, with the large volume size pointing to SolarCity’s Silevo fab currently under construction in New York State.

Singulus’ 2014 figures show that the compared in incurred a loss of €51.6 million ($56.2 million), with the company’s equity reduced to €20.1 million ($21.9 million).