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DGAP-News: Group restructuring of centrotherm photovoltaics AG concluded: Disposal of GP Solar to strategic investor(DGAP Corporate News Via Acquire Media NewsEdge) DGAP-News: centrotherm photovoltaics AG / Key word(s): Restructure of Company/Disposal Group restructuring of centrotherm photovoltaics AG concluded: Disposal of GP Solar to strategic investor 02.05.2013 / 12:03 --------------------------------------------------------------------- Blaubeuren/Ulm, May 2, 2013 - centrotherm has sold its subsidiary GP Solar to ISRA VISION AG, thereby achieving its target structure for its new start shortly before the Ulm District Court is due to terminate 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. During its reorganization phase, the technology and systems provider sold subsidiaries such as Glatt Maschinenbau GmbH, and now GP Solar, which do not form part of its core business, as well as unprofitable parts of the company. A fixed price component equivalent to approximately 50 percent of GP Solar's forecast 2013 revenue and a unit-based earnout component was agreed as the purchase price. GP Solar and its subsidiary GP Inspect anticipate current-year revenue of more than EUR 3 million. This generates a positive contribution for centrotherm and its creditors that provides additional liquidity. The purchase agreement also includes a partnership-based supplier relationship from which centrotherm's customers from the photovoltaic and semiconductor industries can benefit. 'With ISRA VISION - a world market leader in surface inspection systems - we have found a strategic investor that can act as a well-equipped partner to GP Solar in tapping the future potential of the photovoltaic sector. At the same time, a good supplier relationship with GP Solar continues to exist through its new owner,' commented Tobias Hoefer and Jan von Schuckmann, Management Board members responsible for the reorganization under the company's own administration. A strong and efficient 'new' centrotherm is being created at the Group's main site at Blaubeuren, Germany, following the termination of insolvency proceedings and subsequent merger of centrotherm thermal solutions with the parent company (the listed stock corporation). The subsidiary FHR Anlagenbau GmbH in Dresden, whose range of products and services rank among core competences, remains within the Group. Newly-founded SiTec GmbH, a wholly-owned subsidiary of the parent company, is to continue to operate the Silicon & Wafer Division, which will push further ahead with the construction of a polysilicon factory in Qatar, among other projects. After the Ulm District Court confirmed centrotherm photovoltaics AG's insolvency plan last Friday, the proceedings, which are still running in formal terms, can soon be terminated, prospectively by the end of May 2013. About centrotherm photovoltaics AG centrotherm photovoltaics AG is one of the globally leading providers of technology and production solutions to the photovoltaic and semiconductor industries. Our core competencies consist in the thermal processing and coating of waiters for the manufacturing of crystalline solar cells and power semiconductors, as well as for microelectronics. Contact: Nathalie Albrecht Manager Public and Investor Relations Tel: +49 7344 918-6304 E-mail: [email protected] End of Corporate News --------------------------------------------------------------------- 02.05.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: centrotherm photovoltaics AG Johannes-Schmid-Strasse 8 89143 Blaubeuren Germany Phone: +49 7344 918-0 Fax: +49 7344 918-8388 E-mail: [email protected] Internet: www.centrotherm.de ISIN: DE000A0JMMN2 WKN: A0JMMN Listed: Regulierter Markt in Frankfurt (General Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 209410 02.05.2013 |