Background and Reasons
The Swiss solar manufacturer Meyer Burger Technology AG has applied for insolvency for its German subsidiaries, Meyer Burger (Industries) GmbH and Meyer Burger (Germany) GmbH. Meyer Burger has been under pressure for years, particularly due to strong competition from cheap solar products from China. Despite intensive efforts to restructure the sites in Germany, the company was unable to achieve satisfactory results. The German subsidiaries employ a total of about 600 employees, of which 331 are in solar cell manufacturing in Thalheim near Bitterfeld-Wolfen and 289 in technology development in Hohenstein-Ernstthal.
Impacts and Future Prospects
The insolvency could lead to uncertainty for the employees, as the future of the sites is uncertain. However, Meyer Burger plans to maintain the sites within the framework of the insolvency proceedings and to continue negotiations with a court-appointed insolvency administrator. The subsidiaries in Switzerland and the USA are to be preserved, although solar module production in the USA has been halted.
Market Conditions and Investors
The insolvency of the German subsidiaries could impact market conditions in the solar industry, as it could lead to a change in the competitive structure. Investors and savers active in this sector could be affected by the changes, especially if there is a shift in market dynamics.
Financial Situation and Extension of Deadlines
Meyer Burger has applied for an extension for the submission of its 2024 financial statements, as the financing talks for restructuring are still ongoing. This underscores the ongoing financial challenges of the company.
In summary, the insolvency of Meyer Burger’s German subsidiaries is a significant blow to the European solar industry and could have far-reaching implications for the sector.