(Germany) Lights out for solar cell makers Conergy
Lights out for solar cell makers Conergy
German solar panel manufacturer Conergy said it will file for insolvency on Friday, the latest victim of ferocious competition from Asia in the industry.
Conergy, which has workforce of around 1,200, said it would file an application for the opening of insolvency proceedings at a court in the northern city of Hamburg but remained "confident" of finding an investor.
"The management remains confident of achieving a continuation of the whole business operations in the context of insolvency proceedings by means of an investor," it said in a statement.
Conergy, set up in 1998, has annual sales of around €473 million. It was one of Germany's biggest solar cell makers in 2011.
Germany was once a leader in solar technology, but the sector has dwindled recently as it battled falling government subsidies and oversupply.
Cut-throat competition has come particularly from China and a number of German companies have recently gone bust or been bought up by foreign rivals.
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