STGCON Group overtakes asola Solarpower GmbH

The search for a reliable partner to continue with the business of Asola Solarpower GmbH has been totally successful. The electronic manufacturer STGCON, with the new registered office in Bavaria under the leadership of Helmut Teschner, with headquarter located in Shanghai overtakes the company in the course of transferring restructuring (Übertragende Sanierung). Subject of the company is still the manufacturing and trade of solar modules, especially development of prototypes as well as production of special and non‐standard module applications. In addition, the automotive business will be integrated again.

"For us it's a strategic investment, particular for the globalization of our electronic products in the automotive business, we are well positioned for our planned market entry by European OEM's. It comes along, that the new business model for the classic solar business, developed by the new management, brings us into a convincing win‐win‐situation", according to Helmut Teschner, CEO of STGCON Germany.

"We found an ideal partner, who fits 100% with Asola. STGCON is medium‐sized, with private ownership, solid financed, which have granted the sustainment and continuation of the company", added by the insolvency trustee. Together with the management of Asola, he is greatly satisfied with the achieved investor solution. Coming from the existing difficult situation, primarily market‐determined, the company will be tightened in the future. Besides the classic solar business and due to generated synergies, the automotive competence will be much stronger than before.

The insolvency trustee, jointly agreed by the lenders committee, will close the deal within the next days, in order that the planned legal transaction will be executed on the 1 July 2013, to deliver existing customers as well as interested new customers with our accustomed quality.

Thereby the continuity of the company and the brand Asola at the site of Erfurt is secured.