The impact of SolarMax parent company Sputnik Engineering’s insolvency has spread up the supply chain with German firm InTiCa facing a €2.5 million (US$3.1 million) hole in its 2014 figures.
The electrical component manufacturer has issued a profits warning citing the “unexpected” application for insolvency by the inverter firm. It said it would no longer be able to achieve its 2014 revenue forecast.
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The final extent of the damage caused could not be precisely calculated InTiCa claimed, until the results of the insolvency proceedings are finalised. It did state that it was braced for impairment losses and write-downs of up to €750,000 and would be left with €1.8 million of unsold inventory previously earmarked for Sputnik.
InTiCa said it was examining “alternative internal and external uses” for this inventory in light of the Sputnik announcement.
