December 6 (Renewables Now) - Centrotherm International AG (FRA:CTNK) is to develop new innovative production solutions using proceeds from the sale of its subsidiary FHR Anlagenbau GmbH.
The German company, which supplies manufacturing equipment to the photovoltaic (PV) and semiconductor sectors, on Thursday said it had signed an agreement to offload 100% of its subsidiary to China-based Vital Materials Co Limited for an undisclosed amount.
The purchase of FHR Anlagenbau, which specialises in developing innovative thin-film technologies and plants, is in line with Vital's strategy of becoming a vertically integrated company. Vital is a rare metals oriented technology group.
After the deal, Centrotherm's strategical focus will turn to its core competences in thermal processes, according to the statement.
The transaction is expected to close by the end of February 2020.