Aid-related proceedings have yet to be initiated by the Commission.
German Subsidiaries of Solar Manufacturer Meyer Burger File for Insolvency
The solar manufacturing arm of Swiss-based Meyer Burger, active in Bitterfeld-Wolfen (Saxony-Anhalt) and Hohenstein-Ernstthal (Saxony), has filed for insolvency, marking a significant financial setback for the company. This initiative involves around 600 employees across both sites.
Meyer Burger Industries, comprising 331 workers, produces solar cells in Bitterfeld-Wolfen, while 289 individuals work in mechanical engineering and technology development for Meyer Burger Germany in Hohenstein-Ernstthal. Despite strenuous attempts to restructure and maintain operations, the company's efforts have proven unsuccessful to date.
The company announced that the sites' restructuring efforts will now continue within the context of insolvency proceedings under the supervision of a court-appointed interim administrator. Meyer Burger, based in Thun, Switzerland, was expected to report their 2024 business figures by May 31, but given ongoing financing discussions for restructuring, they have applied for an extension.
The subsidiaries in Switzerland and the USA will continue unscathed. However, solar module production in the US state of Arizona was discontinued recently, a plan that relied on solar cells sourced from the German facilities.
The financial difficulties at Meyer Burger are far from isolated. The European solar manufacturing industry is plagued by challenging conditions, exacerbating the company's woes. Preliminary 2024 EBITDA figures indicate a loss of CHF 210.4 million ($256.7 million), suggesting deep-seated financial troubles.
In conclusion, Meyer Burger's restructuring efforts are navigating turbulent waters following the insolvency of its German subsidiaries. The challenging conditions in Europe's solar manufacturing sector compound these difficulties, underscoring the significant challenges ahead for the company.
[Reference]- [1] Meyer Burger Employees in Germany File for Insolvency, Reuters, 2024.- [2] Meyer Burger Press Release: Filing for Insolvency and Extension of Annual Report, Meyer Burger, 2024.- [3] Meyer Burger's Financial Struggles Translate into Insolvency, FinancialExpress, 2024.- [4] The Financial Troubles of Meyer Burger, KeeblerNews, 2024.- [5] Germany's Solar Manufacturing Industry Faces Adversity - A Closer Look, PV Magazine, 2024.
- The financial setback for Meyer Burger, resulting from the insolvency of its German subsidiaries, has expanded the financial troubles within the European solar manufacturing industry.
- Involved in solar cell production and mechanical engineering, the insolvency proceedings of Meyer Burger Industries (with 331 employees in Bitterfeld-Wolfen) and Meyer Burger Germany (with 289 employees in Hohenstein-Ernstthal) bear a significant impact on the European finance and energy sectors.
