Bosch is to pay SolarWorld €130 million to take its German solar operations off its hands, according to a report.
Last November, Bosch confirmed that it had agreed to sell its Arnstadt solar cell and module manufacturing operations to SolarWorld after announcing last March that it wanted rid of its loss-making solar arm.
Under the deal announced in November, SolarWorld said it would safeguard jobs at the plant. But, with SolarWorld itself struggling with debt and undergoing major financial restructuring, it was unclear how this would be achieved.
According to a report in the Wall Street Journal, citing sources close to the deal, Bosch will pay SolarWorld the reported sum in order to allow most of the Arnstadt workers to remain in their posts. The figure could be lower if sales of equipment pick up.
In return, SolarWorld will agree not to use the Arnstadt assets as debt collateral, according to WSJ, a move aimed at preventing the facility falling into the hands of SolarWorld’s creditors.
Neither company would comment on the figures.