Hanwha Chemicals acquire German solar cell maker

Hanwha Chemicals to acquire German solar cell maker

11:26 AM, 27th August 2012
Hanwha Chemicals to acquire German solar cell maker

SEOUL, KOREA: Hanwha Chemical Corp, a major Korean chemicals maker, has agreed to buy a German solar cell maker for around 55 billion won ($48.4 million) in cash and take over its debts worth 300 billion won ($264 million). The takeover of Q-Cells, which filed for bankruptcy in April this year amid the industry-wide slump, will help Hanwha Chemical emerge as a leading player in the global solar cell and panel industry, the company said.

The Korean chemicals maker will take over the Q-Cells’ subsidiary in Malaysia and its German research and production facilities. The takeover deal is subject to approval by Hanwha Chemical’s board of directors and G-Cells’ creditors. With the acquisition of Q-Cells, Hanwha Chemical will be able to produce 2.4 gigawatts of solar cells annually, up from the current production capacity of 1.3 gigawatts.

© The Korea Times News

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