aleo to seek a new buyer following Bosch announcement
aleo solar AG has been informed by its majority shareholder Robert Bosch GmbH that Bosch intends to withdraw from the solar energy market and therefore will be disposing of its stake in aleo solar AG. Bosch currently holds a 90.7% stake in aleo solar. Independently of this sale, Robert Bosch GmbH has assured aleo solar AG of financing until the end of March 2014.
York zu Putlitz, CEO and CFO at aleo solar AG: "Bosch is withdrawing from the crystalline photovoltaics business since it has been unable to achieve competitiveness here. Robert Bosch therefore plans to sell its holding in aleo solar AG. Irrespective of the search for a buyer, aleo solar AG has already taken action: We have closed our factory in Spain, commenced the liquidation of our joint venture in China and have disposed of our shares in Bosch CISTech. We are now examining further activities for improving our earnings. Our strengths lie in our sales operations and our products: Our new high-efficiency modules offer our customers an attractive option. And our dealer network of 2,100 installer firms gives us good access to the market. That said, we expect another difficult year in 2013: The general political environment has deteriorated in several of our core markets and we continue to suffer from overcapacities and pricing pressure." aleo solar will therefore wait until later in the year before making a more detailed forecast.
