Q.Cells has a new owner

Q.CELLS
Q-Cells SE’s insolvency administrator Henning Schorisch has transferred the photovoltaics company to its new owner today. More than 80 per cent of jobs were thus secured, despite the insolvency proceedings.
The company was bought by an indirect subsidiary of Hanwha Chemical Corporation, which is part of one of the largest South Korean corporations with 2011 sales of USD 31.6 billion. (...) “This is particularly positive news as the solar industry in Germany, but also globally, is currently going through a heavy crisis and many companies are facing failure,” Schorisch emphasised today, after the company was handed over to Hanwha. “In Hanwha, Q-Cells found a new owner committed to the locations in Saxony-Anhalt and Berlin.” Following Solon, Solibro and SunStrom, Q-Cells is the fourth larger solar company this year having been saved under the management of an insolvency administrator from the law firm hww wienberg wilhelm.
In context of a transferred restructuring process, Hanwha takes over more than 80 per cent of the workforce – roughly 1,300 out of a total of 1,500 employees are keeping their jobs – as well as the far larger part of the entire Q-Cells Group: in Germany, this pertains to the site in Bitterfeld-Wolfen with solar cell and module research, development and production as well as the sales location in Berlin; abroad, the site in Malaysia with an unchanged number of about 500 employees as well as the sales companies in the US, Japan and Australia. The integration process entailed job cuts in Q-Cells’ administration department, as there are overlaps with the Hanwha organisation, as well as in production, which is also due to the progress in modernising the production line at the Thalheim site, which was accomplished during the insolvency process.