Q-Cells, a troubled German maker of solar cells which filed for insolvency in April, announced Sunday it had been bought by the South Korean Hanwha Group. The deal, which must be approved by creditors at a meeting on August 29, will see Hanwha pay around 50 million euros ($63 million) in cash as well as taking over its debt "in the low hundreds of millions", a statement said. The South Korean group will take over the Q-Cells' subsidiary in Malaysia and its German research and production site in Thalheim, keeping on about three quarters of its workforce there, it said. Q-Cells had been the leading German maker of solar cells but announced in April it would file for insolvency as it no longer saw any secure financial basis for a continuation of its business. The company, which employed a workforce of more than 2,000, had been in dire financial straits amid a series of corporate failures in the solar power sector in Germany recently.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor