Platinum to halt PV inverter production at German plant
Aug 7, 2014 - German photovoltaic (PV) inverter maker Platinum GmbH, which in the spring entered preliminary insolvency, will cease production at its manufacturing base in Wangen im Allgau, southern Germany.
Platinum’s decision was announced by the company’s insolvency manager Schultze & Braun on Tuesday. Presently, the firm will concentrate on research and development initiatives and will keep a personnel of 39 people for the next two years thanks to an order from an unnamed customer.
Burdened by financial difficulties after the solar sector crisis, in March Platinum said it would develop a financial restructuring plan, adding that possibilities for mergers and acquisitions (M&A) in the mid-term and cooperations in the long-term are not excluded.
Platinum is a subsidiary of German industrial holding company Mutares AG (FRA:MUX).
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.