Diehl Controls, a subgroup of Germany's Diehl Group, has sold its photovoltaics business unit to mutares Solar, a subsidiary of Munichs investment company mutares.
A statement on the mutares website said the company plans to strategically develop Diehl's photovoltaics business located in Wangen while the manufacturing of the photovoltaics products remains with Diehl Controls. It is understood that all of Diehl Controls’ 82 employees will be taken over by the new owner. No figure has been given for the amount of the sale.
As a result of the deal, Diehl Controls said it would use this opportunity to refocus on its core competencies in the original equipment manufacturers (OEM) business.
Dieter Neugebauer, a member of the Corporate Division Board of Diehl Controls, said: "Since mid-2012 we've been searching intensively for a partner, who can strategically develop the photovoltaics business and has a strong sales expertise.
“After constructive negotiations we are glad to have won mutares AG as a partner that is interested in a successful expansion of this business unit and that will further develop the photovoltaics activities at this location.”
Commenting on the fact that the deal will preserve jobs at Diehl Controls, Dr. Wolf Cornelius, who will run the new company together with its established CEO, Klaus Frehner, said: 'The people are our source of know-how. We can only be successful together with them.”