Conergy to sell inverters business to Bosch - report

Dec 21, 2011 - German solar technology producer Conergy AG (ETR:CGY) will dispose of its solar inverters unit Voltwerk by selling it to German industrial company Bosch, German daily Financial Times Deutschland (FTD) reported on Wednesday citing an insider.

The deal is expected to be sealed in the course of the current week, the daily said.

A spokeswoman for Conergy did not comment on the report, FTD said.

According to a person familiar with the matter, the move may represent not exactly a sale but a portfolio adjustment, the daily reported.

Conergy's Voltwerk subsidiary booked a revenue of EUR 68 million (USD 89.2m) and a net loss of EUR 2.7 million for 2010 and is expected to report a slight loss for 2011 as well.

However, the transaction would be of strategic importance for Bosch, which is said to target entry into the market for production of solar inverters.

Solar inverters are used to convert the variable direct current (DC) output of photovoltaic (PV) modules into a utility frequency alternating (AC) current that can be fed into the commercial electrical grid or used by a local, off-grid electrical network.

(EUR 1.0 = USD 1.312)

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