Centrosolar to sell glass unit

Centrosolar is discontinuing its solar glass operation

Centrosolar is discontinuing its solar glass operation

German PV group Centrosolar saw its share price hit a new low after revealing plans to pull the plug on its solar glass division and postponing its annual report, in response to an €89.4m ($114.9m) loss in 2012.

In February Centrosolar – which makes modules, glass and is a significant downstream integrator – unveiled a sweeping restructuring programme aimed at riding out the current industry downturn.

As part of that programme, Centrosolar said it would reduce output at its German glass facility. Together, its German and Chinese glass plants boast an annual capacity of 8 million sq metres.

But the Munich-based company now says it will discontinue its glass operations, which contributed 17% of its €227m of revenues last year.

All the other restructuring measures announced – including a plan for senior Log in to read complete article.

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