centrotherm photovoltaics plans capital increase via sister company integration

In
a move approved by the company’s Supervisory Board, centrotherm
photovoltaics AG has taken steps to increase its share capital by €8
million to €24 million. The company has passed a resolution to
integrate sister company centrotherm Thermal Solutions via a
‘payment-in-kind’ agreement with its major shareholder Hartung
Beteiligungs GmbH, which company will use its shares in the Thermal
Solutions company to subscribe for 4,224,293 new shares in centrotherm
at a significant discount of around €62 million compared with the
valuation of €199 million.

The combined cash and non-cash capital increase will involve the offering of a two to one subscription ratio. The resulting capital increase will be managed by Commerzbank AG and Landesbank Baden-Württemberg.

“Integrating centrotherm Thermal Solutions forms part of our strategy of incorporating key equipment and technology into the Group,” commented Robert Hartung, CEO of centrotherm photovoltaics. “Our aim is to further extend our technology leadership along the solar value-creation chain, and to secure our market position as a provider of production plants for solar silicon and turnkey production lines for the manufacturing of solar cells and thin-film modules.”