After filing for insolvency on April 3, 2012, Q-Cells creditors have approved the sale of the business operations to the Hanwha Group, whereby Hanwha will assume responsibility of 1,250 employees (from 1,550) and most parts of the total Q-Cells Group. Q-Cells Bitterfeld-Wolfen administration site in Berlin, a production site in Malaysia and some international sales companies are included in the transaction. Both companies noted that many of the job cuts in the Q-Cells organization will be from the administration side.
The purchase prices is comprised of the takeover of operational liabilities and falls in the lower triple-digit millions with a cash component in the mid double-digit millions. The purchase agreement is still subject to the approval of certain anti-trust authorities.
‘In the current macroeconomic and political environment, which is extremely difficult for Q-Cells, it is a great success that we managed to maintain not only research and development, but also the production capacities at the Bitterfeld-Wolfen site,” Schorisch emphasised today at the Q-Cells headquarters in Bitterfeld-Wolfen. “While I regret the fact that there are certain job losses, I am very happy that Q-Cells has found a strong partner in Hanwha, who has the necessary means to provide company, brand and staff with long-term perspectives again.”
Schorisch noted that he has begun negotiations with the works council on reconciliation of interests and a social plan because of the required staff adjustments. Further, the insolvency administrator has brought up the issue of funds to establish a re-employment and training company where the employees affected will be able to receive training and support in order to find new jobs.