Berlin/Greifswald, April 21, 2011, SOLON has reported the sale of its shareholding in industrial services provider ml&s manufacturing, logistics and services GmbH & Co. KG (ml&s) based in Greifswald, north-east Germany. Its shares have been acquired by Hydraulik Nord GmbH, Parchim, also in north-east Germany. Like ml&s, the new shareholder specializes in industrial services.
The sales proceeds will not be available to SOLON until the entire financial restructuring has been completed. The parties have agreed not to disclose any further details of the transaction. Solar company SOLON had worked with ml&s on solar module production since 2004, becoming a shareholder in ml&s in 2008, and until recently it held a stake of around 49 percent in its partner company.
SOLON's CEO Stefan Säuberlich said that the sale of its shareholding was part of a corporate strategy of focusing more closely on core business. He also stressed that the Greifswald site would continue to play a key role in SOLON's production strategy. "SOLON Nord in Greifswald remains our biggest and most important production site in Europe, not least because of our successful partnership with ml&s. Going forward, we plan to continue with this proven partnership model."
Udo Possin, Managing Director of ml&s, believes that the change of control will strengthen the Greifwald company's position in the market, and said: "We will be able to maintain our growth trajectory while diversifying, without neglecting our current market strengths."
Source: SOLON SE