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UAE’s Microsol buys key assets of insolvent solon
United Arab Emirates-based solar cell maker Microsol has acquired the key assets of Solon and its subsidiaries, including US-based Solon Corp, the insolvent German solar group said.
March 7, 2012 1:38 by Reuters
About 600 jobs worldwide have been transferred from Solon to the newly formed Solon Energy GmbH and other affiliates, the company said.
The purchase price was not disclosed. Solon said an approval by Italian authorities was still pending.
Solon filed for insolvency in December, Germany’s first casualty of a sector crisis caused by oversupply of solar modules, fierce pricing pressure and falling government support for solar power.
Solon’s insolvency administrator Ruediger Wienberg said last Thursday that Microsol had made a binding offer for the operating business of Solon.