Conergy AG has sold off more than half of its production facilities abroad as part of its restructuring process, Tagesspiegel newspaper said, citing company spokesman Alexander Leinhos.

He said the closures were made in Austria, Belgium, Indonesia, Philippines, Netherlands, China, Hong Kong, South Africa and Slowenia.

“We previously followed the goal to be the first in every market,” Leinhos said, adding some markets have turned out to be unprofitable.

“We want to generate sales there where we can also make profit,” he said. This is true mainly for Spain, Greece, Italy and the United States, he added.

The solar power specialist company announced in July plans to raise 450 million euros in fresh capital to help pay off debt and cover restructuring costs.

Source: http://www.afxnews.com

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