News Article
aleo solar closes up in the USA
Beleagured German PV manufacturer aleo solar AG has announced that it will withdraw from business in the USA and has decided to dissolve its subsidiary aleo solar North America Inc. in Denver. The company found itself in difficulty at the end of March when major investor Robert Bosch GmbH declared its withdrawal from the crystalline photovoltaics sector. Since then, a buyer has been sought for the Bosch Group's shares (90.7 percent) in aleo solar AG.
The company stated that the US closure was triggered by the fact that despite a year-on-year increase in sales, the US operation had failed to meet recent sales targets and was not operating profitably. The decision is the first major announcement since Dr Stefan Hartung, member of the Board of Management of Robert Bosch GmbH, was elected to the Supervisory Board mid year. 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, said that talks were currently held with potential investors to acquire the majority share in the solar module manufacturer. The main shareholder, Robert Bosch GmbH, had announced its withdrawal from the crystalline photovoltaics business in late March. Following this announcement, a buyer has been sought for the shares held by the Bosch Group (90.7 percent). Plans are to determine a buyer by the end of the third quarter of 2013.
Given the very difficult economic, political and financial conditions, zu Putlitz expects aleo solar to post a loss again in 2013. A more specific guidance will not be published until later this year. Independently of this sale, Robert Bosch GmbH has assured aleo solar AG of financing until the end of March 2014.
