Manz signs pact for CIGS thin-film JV, lowers revenue guidance

German engineering group Manz AG (ETR:M5Z) today announced the signing of a pact for the accelerated establishment of a CIGS thin-film research and development (R&D) joint venture and said it is lowering its full-year revenue projections.

Manz has entered into a framework agreement with certain cooperation partners whose names were not disclosed, aimed at further developing and commercialising the solar machinery maker’s CIGS thin-film technology. Under the stipulated terms, a newly-formed JV will acquire Manz’s current R&D site for CIGS (copper indium gallium selenide) -- Manz CIGS Technology GmbH.

The deal is pending clearance by the management boards of Manz’s partners. These companies have agreed to cover Manz CIGS Technology’s operational costs till the end of the year or the signing of the final agreement.

Meanwhile, Manz said it expects 2016 revenues to be at the prior year’s levels and not higher as previously estimated, because the earnings from a CIGS purchase order are postponed. However, it keeps its forecast for significantly improved earnings before interest and tax (EBIT).

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