Solarpark Blautal GmbH, in which centrotherm co-founder Hartung is a shareholder, alongside an international strategic investor, is set to acquire 90% of centrotherm by the end of Q1 2016. Subject to unidentified conditions being met, Sol Futura Verwaltungsgesellschaft mbH will transfer its 80% stake in the German PV equipment manufacturer, while TCH GmbH will part with its 10% share.
"As co-founder of centrotherm photovoltaics AG, I have always felt committed to the company, and to finding a further investor for it. We have managed to acquire an international strategic investor as a co-shareholder, and I am convinced that together we can provide important impulses for the company’s future," commented Hartung in a statement released.
Centrotherms employees were informed of the move at a meeting held yesterday at the companys headquarters in Blaubeuren, Germany. It is planned that the headquarters will remain in this location. Without providing any concrete details, Hartung said the business would be diversified.
The management board has negotiated an agreement to secure the company’s financing after the disposal of the interest by Sol Futura, continued the statement. "The due insolvency receivables of unsubordinated creditors of centrotherm photovoltaics AG as well as of one of its former subsidiaries will be serviced one month after the execution of the transaction," it added.
Once this comes into force, the companys the insolvency plan of the District Court of Ulm would be "almost completely" fulfilled, said centrotherm.
Centrotherm filed for chapter 11 insolvency in July 2012. In October of that year, the company announced management changes and unveiled its insolvency plan. This was approved in January 2013, meaning it could look forward to terminating its insolvency proceedings, pending final confirmation. The following June, it was announced that centrotherm was out of insolvency, thus saving 900 jobs.
Despite this, last September saw the loss of 50 employees as the company experienced a "renewed weakness in the photovoltaic sector." The news that followed has been more positive, with stronger financial results seen and now, a new investor.