Astronergy buys Conergy module factory in Frankfurt
The Chinese module manufacturer Astronergy will buy the module factory Conergy SolarModule GmbH & Co. KG in Frankfurt (Oder). Corresponding contract documents have been signed by Astronergy and the insolvency administrator. The new company will trade under the name of Astronergy Solarmodule GmbH in the future. Through the transaction around 210 jobs are to be secured in Frankfurt in the long term according to the ongoing negotiations with the Works Council. In the course of the sale, cuts of approximately 70 of the currently around 280 jobs are planned. These employees will be transferred into an interim employment society (Transfergesellschaft) and receive 80% of their net wages and salaries. Furthermore, they benefit from education and training measures financed by the transfer company.
"Astronergy is a strong and reliable partner for our factory. Together, we are able to preserve the site as well as approximately 210 jobs in Frankfurt (Oder) and offer the employees a good perspective in the long term. Through the transfer company, we also support the released staff in their search for a new employment", said Sven K. Starke, Managing Director of the module factory. "We are very happy that the result achieved was worth our efforts. With the acquisition, we can look ahead into a bright and successful future."
"Our entrance into the German module production is a strategically important step for Astronergy. We will continue to manufacture high-quality panels at the Frankfurt site in the future", said Dr. Chuan Lu, Vice President von Astronergy. "Quality and security are playing and increasingly important role in long-term investments. With modules "˜made in Germany', we can offer this to our customers. The integration of the factory into our existing structures leads to numerous advantages and synergies in all areas of the value chain. We will produce profitably at the Frankfurt factory and further develop the site in the future."
Conergy and Astronergy have been cooperating for many years already. This partnership is to continue also in the future: Conergy and Astronergy plan to sign a supply agreement on the modules from the Frankfurt factory shortly. Conergy will keep offering its customers the habitually high-quality solutions in all segments. Moreover, Astronergy plans to supply additional partners with the modules from the production site in Frankfurt (Oder).
It is already the second successful transaction in the insolvency proceedings for insolvency administrator Dr. Sven-Holger Undritz: The American financial investor Kawa already acquired Conergy's global sales and service units back in autumn and thereby secured around 280 jobs.
"This signing of the contract is a great success for all parties", said Dr. Sven-Holger Undritz of the law firm White & Case. "I would like to particularly thank the mayor of Frankfurt (Oder), the federal state government of Brandenburg and the job center for their support and professionalism. I am very pleased that we are able to return the confidence placed in us by securing the site as well as a majority of the jobs in Frankfurt in the long term through the acquisition by Astronergy."
The search for an investor for the second Conergy production unit, Mounting Systems GmbH in Rangsdorf, is well underway, too. The Managing Directors of the racking specialist and the insolvency administrator expect to reach an agreement shortly and to sign the corresponding contracts until Christmas at the latest. The production continues meanwhile with stable order books.
