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ots Ad hoc-Service: SolarWorld AG
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Bonn (ots Ad hoc-Service) -
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SolarWorld: Bayer Solar Take-Over Completed / Capacity to be More Than Tripled / Bayer Solar Expects Result to Run Into Millions / SolarWorld to Match Sales and Profit Forecast for Total 2000 Already by September / Latest Capital Increase Placed with One Institutional Investor
The take-over of Bayer Solar GmbH, Freiberg, by SolarWorld AG, Bonn, has been successfully completed. The Supervisory Boards of Bayer AG, Leverkusen, and SolarWorld AG have approved the transaction. Since the Federal Antitrust Authority (Bundeskartellamt) has not raised any objections the path has now been cleared for Bayer Solar to be integrated into the SolarWorld Group.
Against this background the Bonn solar technology company has decided to increase the capacity of Bayer Solar significantly. Already today, the Saxony-based company is Europes largest and Germanys only producer of silicon wafers with a world market share of more than 20 per cent. Until the end of 2002 the current production capacity of 32 Megawatt (MW) will be boosted by more than a factor of 3 to 100 MW. SolarWorld has already entered into contracts to secure the required factory buildings on an area of 7,000 square meters right next to the existing high-tech manufacturing facilities at Freiberg.
The investment volume amounts to some DM 100 million. It will be financed by equity and borrowed capital. This investment decision is SolarWorlds response to the boom in the worldwide demand for silicon wafers. These wafers made from natural silicon are the first and most important element in the solar industry as they are processed into solar cells that form the very basis of solar power generation. In the opinion of SolarWorld CEO Dipl.-Ing. Frank H. Asbeck the expansion strategy of the Bonn photovoltaic company provides an answer to the pressing question concerning alternative resources for an energy supply to secure the future. The need to change the energy system, away from the combustion of fossile fuels and towards sustainable high-tech solutions, is currently becoming painfully clear in view of the energy prices that are increasing by leaps and bounds.
By integrating Bayer Solar into its group SolarWorld is acquiring a company that will contribute profits running into millions to SolarWorlds positive overall result in the current fiscal year. SolarWorld AG itself will already match the sales and profit figures forecast in the 1999 annual report for the entire year 2000 by the end of September of this year.
The most recent capital increase to 4,125,000 shares (at a face value of 1.0 Euro per share) from authorized capital and excluding subscription rights has been placed completely with one institutional investor by SolarWorld AG.
Your contact: SolarWorld AG, Investor Relations / Marketing Communications Frau Sybille Teyke, Tel.-No.: +49(0)228/559200; Fax No.: +49(0)228/55920-99
For the business press: Herr Dipl.-Pol. Oliver Ristau, Tel.-No.: 0177/678 2705
End of Message ----------------------------------------------------- Internet: http://recherche.newsaktuell.deOriginal-Content von: SolarWorld AG, übermittelt durch news aktuell