Insolvency administrator sells Flagsol stake to Ferrostaal
Erlangen, 6 July 2012. The insolvency administrator of Solar Millennium AG, Volker Böhm, sold Solar Millennium’s 74.9 per cent stake in Flagsol GmbH to Ferrostaal GmbH. The engineering and plant construction company Flagsol GmbH is a joint venture of Solar Millennium and Ferrostaal. It participated in the development and realization of Solar Millennium’s solar power projects.
Ferrostaal will maintain operations of the complete company and take over all of its 80 employees. The headquarters of the company are supposed to remain in Cologne. The companies have agreed to maintain silence about the purchase price.
“I’m extremely pleased about the fact that all jobs were saved and that we managed at the same time to generate significant proceeds for Solar Millennium AG’s creditors,” Böhm stated after the purchase agreement had been signed. “Moreover, Flagsol’s great expertise in the development and management of solar power plants will be maintained through the sale to Ferrostaal.”
Solar Millennium AG
Phone: +49 (0)9131 9409-0
Phone: +49 (0)221 80 10 87-87
This press release constitutes neither an offer to sell nor the solicitation of an offer to buy any securities of Solar Millennium AG. The press release shall not form the basis for investment decisions regarding securities of the company. Any such investment decision of a prospective investor shall be based solely on such prospective investor's own investigations and assessments.
This release contains forward-looking statements. These statements are not a description of past facts, but rather relate to expectations and opinions of Solar Millennium AG. These statements are based on current plans, assessments and forecasts of the company. Investors should not rely on these statements. Forward-looking statements must be understood in the context of the circumstances existing at the time when they were made. The company assumes no obligation to update the forward-looking statements in this release based on new information or future events. Forward-looking statements always involve risks and uncertainty. Due to a multitude of factors, actual events and actual developments may differ significantly from the forward-looking statements contained herein. This press release was originally prepared in German. The translation of this release or parts thereof is considered as a service for journalists, analysts and investors who are not able to understand German. Only the German version is legally binding.