(SeeNews) – Jan 23, 2012 – Swiss-based company SolarCell will invest EUR 70 million (USD 90.4m) in the production of solar cells in Stuttgart, Germany, Wirtschaftsfoerderung Region Stuttgart GmbH (WRS), said on Friday.
WRS, which gives information about investors in the region of Stuttgart, explained that SolarCell will use a former plant of Bauknecht AG, a subsidiary of US white goods maker Whirlpool (NYSE:WHR), near the city of Schorndorf. The facility was used for the assembly of washing machines, which were then exported to the American market. However, Bauknecht decided to cease production in Stuttgart after exports significantly declined. The German company, however, has not given up the site completely. It will help SolarCell with the restructuring of the plant by investing EUR 10 million.
SolarCells plans to focus on quality since it will have great importance in the future of solar cells, Juergen Tschofen, head of the company, added. Stuttgart as the hub of German carmakers has made a name of an industrial cluster rolling out high-quality products. In addition, the former employees of Bauknecht are highly qualified, the CEO explained. Some 240 of the 300 employees will receive further training so that they will be able to keep their jobs.
SolarCell plans to hire 290 employees by 2013 and have three production lines.