Solar-Fabrik AG will take over fab 2 of Centrosolar’s insolvent Sonnenstromfabrik GmbH in Wismar on August 1, 2014, and will continue module production using the existing equipment of the company. Concurrently 143 employees of the insolvent company will find a new employment.
The Wismar operation of Solar-Fabrik AG will be hosted by a 100% daughter company, established with 25,000.00 euros equity. The daughter company is managed by Joern Wirth, VP Finance at Solar-Fabrik AG and will be joined on August 1, 2014, by Ralf Hennigs, the long term Managing Director of Centrosolar’s Sonnenstromfabrik GmbH.
Solar-Fabrik’s daughter company has signed rent and lease agreements with the investors who acquire all tangible assets of Sonnenstromfabrik GmbH, allowing the continuation of production in the fab 2 premises as is. Also, Solar-Fabrik’s daughter company today signed a purchase agreement with Sonnenstromfabrik’s insolvency administrator Gideon Boehm to take over 143 employees as well as the then current inventory on the transition date August 1, 2014, as part of an asset deal.
The envisaged transaction allows a smooth transition of fab 2 in Wismar from insolvency back to normal operation, including processing of orders at hand. With an initial investment of approximately 300,000 euros plus the then current inventory on August 1, 2014, Solar-Fabrik AG increases its production capacity combined in Freiburg and Wismar to more than 300 MW per year and acquires the right to manufacture all Centrosolar’s original module types.