SolarWorld to acquire Bosch's solar buisness

As part of the agreement, SolarWorld AG will take over cell production capacity of 700 MW as well as module production capacity of 200 MW from Bosch Solar Energy AG in Arnstadt, a city in the German state of Thuringia. In a so-called 'asset deal', the newly formed SolarWorld Industries-Thüringen GmbH, a 100 percent subsidiary of SolarWorld AG, will take over the major portion of Bosch Solar Energy AG's manufacturing plants and other assets. The Arnstadt site will continue to employ about 800 workers in the cell and module production. The acquisition will not reduce the financial resources of SolarWorld AG. Once the transaction is completed, the SolarWorld group will have production capacities of more than 1 gigawatt along each of the wafer, cell and module stages of the solar value chain. SolarWorld plans to continue to supply existing cell and module customers of Bosch Solar Energy AG. The production plant for high-performance mono-crystalline cells will complement SolarWorld's technological portfolio. Research and development activities aiming to improve high efficiency solar cells will be pooled to create further competitive advantages for the group and enable further cost reductions. The transaction is still subject to the relevant antitrust approval as well as further closing conditions. Closing is expected in late February 2014.