PV module assembly equipment specialist, Komax Solar has finally been sold to its existing management team in a buyout that will make the company independent, sometime in the second half of 2014.
According to Komax Group, the solar division has been placed in “discontinued operations”, which was reported to have accrued a loss of CHF12.7 million (US$13.9 million) for the first half of 2014. This was said to have primarily been due to non-cash expenditures for value adjustments in respect to technology as well as goodwill and current assets that totalled around CHF8 million (US$8.8 million). Komax Solar had sales of CHF20.2 million (US$22.2 million) in 2013.
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However, the management buyout will see Komax Solar’s current leader, Walter Nehls step down from Group management and leave the Komax Group.
Komax Group said that it would retain a small undisclosed stake in Komax Solar, which could be planning to rename the company after the buyout is concluded. The company stressed that Komax Solar continued to operate and meet customer order requirements and service support.
Financial details were not disclosed.
