Centrotherm sells GP Solar

Embattled PV toolmaker Centrotherm has sold its GP Solar unit to another German company, Isra Vision.

With the sale, Centrotherm says it is achieving its target structure for its new start shortly before a district court terminates insolvency proceedings.

“With its future concept, Centrotherm is concentrating on its technological strengths in its core business areas of crystalline solar cells and semiconductors, as well as microelectronics,” the company says.

To concentrate on that core business, Centrotherm has already shed subsidiaries such as Glatt Maschinenbau.

A fixed-price component to the equivalent of half of GP Solar’s forecast 2013 revenue of €3m ($3.9m) plus a unit-based earn-out component was agreed as the purchase price.

After the Ulm District Court confirmed Centrotherm Photovoltaics' insolvency plan last Friday, the proceedings can be terminated by the end of May, the company says.

Among the world’s leading suppliers of PV production equipment, competing against the likes of Applied Materials and Meyer Burger, Centrotherm filed for bankruptcy protection last summer and asked creditors to take a severe haircut.

In late January, shareholders and creditors formally approved its insolvency plan, which will essentially convert creditors’ receivables into new company shares and allow Centrotherm to remain stock-listed.