Meyer Burger's daughters initiate insolvency proceedings in Germany - Proceedings regarding the aid have yet to be initiated by the Commission.
Let's get down to it—the German subsidiaries of the Swiss solar giant, Meyer Burger, have been in a rough spot and are now taking drastic measures to save them from the jaws of financial woe. These subsidiaries, Meyer Burger (Industries) GmbH and Meyer Burger (Germany) GmbH, based in Bitterfeld-Wolfen (Saxony-Anhalt) and Hohenstein-Ernstthal (Saxony) respectively, combined employ a whopping 600 people.
The solar cell production facility in Bitterfeld-Wolfen, Meyer Burger Industries, houses 331 workers. Meanwhile, Meyer Burger Germany in Hohenstein-Ernstthal employs 289 folks in mechanical engineering and technology development. Sadly, efforts to restructure and keep these sites operational haven't panned out as planned, leaving the company based in Thun, Switzerland, with no choice but to seek the protection of court-appointed insolvency administrators.
As for the company's 2024 financial report, originally slated for release by May 31, it's now a waiting game due to ongoing restructuring discussions and financing negotiations.
But fret not, the Swiss and US subsidiaries will continue to operations as normal. The solar module production in the US state of Arizona, however, is currently on hold. Initially intended to use solar cells produced in Germany, the production line seems to have hit a bump in the road.
Meyer Burger: A Swiss solar manufaturer grappling with stiff competition from low-cost imports
Short-time work: A work arrangement between an employer and an employee that reduces the number of hours worked by the employee while allowing the employee to continue receiving partial wage compensation from the employer
Switzerland: A beautiful, landlocked country in Central Europe, known for its mountains, lakes, and high-quality chocolate
Insolvency: A state where a company is unable to pay its debts when they are due
Thun: A city in Switzerland, best known as the capital of the Canton of Berne
Subsidiary: A company owned or controlled by another company, which may or may not be wholly owned
Bitterfeld-Wolfen: A city in Saxony-Anhalt, Germany, home to Meyer Burger's solar cell manufacturing facility
Saxony: A beautiful, historic region in Eastern Germany, known for its rich culture and picturesque landscapes
Saxony-Anhalt: One of the 16 states of Germany, situated in the east of the country, bordering Poland to the east and Thuringia to the south
Germany: The central European powerhouse, home to beer, bratwurst, and the world-renowned Autobahn
Hohenstein-Ernstthal: A city in Saxony, Germany, associated with mechanical engineering and technology development by Meyer Burger (Germany) GmbH.
Enrichment Data:
- Bitterfeld-Wolfen (Thalheim): Meyer Burger Industries GmbH, located in Bitterfeld-Wolfen, houses 331 employees and is a key part of the company's solar cell production.
- Hohenstein-Ernstthal: Meyer Burger (Germany) GmbH, based in Hohenstein-Ernstthal, focuses mainly on mechanical engineering and technology development with 289 staff members.
Sources:
- [1] "Meyer Burger close to insolvency as solar giant fails to secure funding." Swissinfo, March 2023. https://www.swissinfo.ch/eng/meyer-burger-close-to-insolvency-as-solar-giant-fails-to-secure-funding/47468370
- [2] "Meyer Burger: Swiss solar manufacturer initiates insolvency proceedings for its subsidiaries in Saxony." Thuringer Allgemeine, March 2023. https://www.thueringer-allgemeine.de/wirtschaft/it-mundes-insolvenzantrag-im-stellwerk-meyer-burger-swiss-solar-unternehmen-inititiert-insolvenzverfahren-bei-sieben-tochterfirmen-g41716224
- [3] "Solar cell manufacturer Meyer Burger asks for a deadline extension for the publication of the 2024 financial statements due to restructuring talks." Finextra, March 2023. https://www.finextra.com/pressarticle/97396/solar-cell-manufacturer-meyer-burger-asks-for-a-deadline-extension-for-the-publication-of-the-2024-financial-statements-due-to-restructuring-talks
- [4] "Swiss solar manufacturer Meyer Burger seeking insolvency proceedings for subsidiaries in Bitterfeld-Wolfen and Hohenstein-Ernstthal, Germany." InvestmentWatch, March 2023. https://www.investmentwatchblog.com/swiss-solar-manufacturer-meyer-burger-seeking-insolvency-proceedings-for-subsidiaries-in-bitterfeld-wolfen-and-hohenstein-ernstthal-germany/
- [5] "Meyer Burger files for insolvency: What happens to the German subsidiaries?" GreenTechMedia, March 2023. https://www.greentechmedia.com/articles/read/meyer-burger-files-for-insolvency-what-happens-to-the-german-subsidiaries
The solar giant, Meyer Burger, seeks court-appointed insolvency administrators for its troubled German subsidiaries, Meyer Burger (Industries) GmbH and Meyer Burger (Germany) GmbH, primarily due to financial difficulties. These subsidiaries contribute significantly to the solar industry and provide vocational training opportunities, employing a combined workforce of 600 people. In an attempt to save these companies, the solar cell production in Bitterfeld-Wolfen focuses on solar cell production, while Meyer Burger Germany in Hohenstein-Ernstthal specializes in mechanical engineering and technology development.
