Solar cell maker Q-Cells bought by S Korea's Hanwha

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.

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • What can void a new car warranty? James Deakin - Wheel Power
    What can void a new car warranty?

    "I was denied warranty once for changing my horn!" One very annoyed reader wrote. "I was told that placing a backup camera will void my warranty" said another. The others are best left in my private inbox as Yahoo! have a swear jar in the office that I do not feel like donating this week's pay to. Continue reading → …

  • Docu exposes destruction of PH marine resources VERA Files - The Inbox
    Docu exposes destruction of PH marine resources

    By Kiersnerr Gerwin Tacadena, VERA Files "Gutom (hunger)," Sen. Loren Legarda said is what’s in store for the Filipino people if destruction of the country's marine resources is not stopped. Legarda, chair of the Senate committee on Environment and Natural … Continue reading → …

  • ‘Yolanda’ fiberglass boats modern-day Noah’s ark VERA Files - The Inbox
    ‘Yolanda’ fiberglass boats modern-day Noah’s ark

    By Jane Dasal, VERA Files If you want to save the earth, build a boat. That's what a group of environmentalists is saying, especially if you want to save both the forests and fishermen affected by supertyphoon “Yolanda” (Haiyan). “Haiyan … Continue reading → …

POLL
Loading...
Poll Choice Options