Hanwha changes name of Q-Cells, presents post-takeover strategy

(SeeNews) – Oct 24, 2012 – German solar panel maker Q-Cells SE (ETR:QCE) will continue its operations under the name of Hanwha Q.Cells GmbH, company's new owner South Korean Hanwha said in a press conference today revealing its plans for the German company.

Charles Kim, formerly president of Hanwha SolarOne, was announced as CEO of the new company, which will be the third largest photovoltaic manufacturer in the world.

Kim said his role will be to supervise the integration of Hanwha Q.Cells GmbH with Hanwha's photovoltaic division, Hanwha SolarOne. As the CEO informed, the two companies will remain separate but will collaborate.

The CEO confirmed that Hanwha will continue to employ 1,300 of the 1,500 Q-Cells workers worldwide.

Without disclosing sales or production targets, the CEO said that he expects the new company to return to profitability in 2013 or 2014 by the latest.

Hanwha will invest annually approximately EUR 200 million (USD 259.1m) in R&D of the German company.

The German PV company filed for insolvency at the beginning of April 2012, while the purchase agreement with Hanwha was signed at the end of August 2012. The takeover was completed after Hanwha received the nod of the relevant anti-trust authorities.

Hanwha Group is a subsidiary of Hanwha Chemical Corp (KRX:009830).

(EUR 1.00 = USD 1.29)

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