German company Solarworld has announced it's acquiring the complete solar business of Bosch. The takeover will result in the first German solar firm with a manufacturing capacity exceeding one gigawatt.
Solarworld said it would acquire a solar cell production unit and a module facility in Arnstadt in the eastern German state of Thuringia, and would employ 800 workers there. The company did not reveal any price for the transaction, to be completed by early next year.
Bosch CEO Volkmar Denner had put up the company's solar business up for sale in spring of this year after investing 530 million euros ($717 million) in the location to see the subsequent price collapseon global markets, burning about 2.4 billion euros in the process.
Highly efficient products
Together with the Arnstadt facilities, Solarworld will thus become the largest solar technology company in the western world.
CEO Frank Asbeck said he saw the move as a commitment to defend Germany's outstanding position in photovoltaic production, mentioning the company's high quality standards and its willingness to offer 25 to 30-year warranties for its products.
hg/dr (Reuters, dpa)