Hanwha close to buying German Q-Cells - report

Aug 24, 2012 - South Korean Hanwha Chemical Corp (KRX:009830) is close to acquiring insolvent German solar panel maker Q-Cells SE (ETR:QCE), German Manager Magazin reported today, citing sources close to the companies.

According to the magazine, the respective contract about the sale will be signed on Friday. No financial details have so far been disclosed.

A spokesman for the German company declined to comment on the report, Manager Magazin said.

However, according to the magazine, Hanwha plans to keep the major part of the production capacities at Q-Cells Bitterfeld-Wolfen plant in Saxony-Anhalt. The Malaysian plant of the German company, on the other hand, will be completely preserved.

As a whole, the South Korean firm plans to take over a total of 1,200 of the 1,500 Q-Cells' employees. The Q-Cells brand will also be kept.

Manager Magazin also reported that Hanwha plans to make the Bitterfeld-Wolfen location the global Research and Development Centre for its solar business.

Q-Cells filed for insolvency in early April. A number of German solar technology companies have gone bust since December 2011 due to the increased competition and the cheaper Chinese solar panels.

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