The Komax Group has agreed to sell the solar activities to the existing management team through a management buyout (MBO). The MBO is structured as an asset deal. The business will be continued by a new company in which Komax has a minority holding.
Following the decision taken by the Board of Directors last year to withdraw from the solar business and focus more closely on the Komax Group's core business, the transfer of solar activities to Komax Solar's management is a solution that respects the interests of all stakeholder groups. Komax Solar's activities will therefore be transferred to a new company in which Komax has a minority holding. This will enable Komax to realize, as far as possible, the assets that are currently tied up in the solar business. Furthermore, it will ensure that pending orders are fulfilled and safeguard service support for the installed machine base.
The Solar segment's first-half result for 2014 is summarized as “result from discontinued operations” below the EBIT item.
The new company is due to commence operations in the second half of 2014. As a result of the MBO, Walter Nehls, currently Head of Komax Solar, will step down from Group Management and leave the Komax Group. The Board of Directors and Group Management would like to thank him sincerely for his hard work in a challenging environment and for the pleasant working relationship.