Schott Solar charts map for expansion
Schott Solar GmbH will soon become an Aktiengesellschaft, or stock corporation, and "promptly"' sell shares thereafter, according to a media report.
The report, filed by Frankfurter Allgemeine Zeitung, attributed the development to Martin Heming, the head of parent company Schott AG.
As per the information available, the maker of components for solar thermal-plants intend to raise $744.1 million or so to finance expanding production as well as research and development.
When Schott Solar becomes an AG, it will move to the German city of Mainz from its current headquarters in the state of Bavaria, the newspaper said. Deutsche Bank AG, Commerzbank AG, JPMorgan Chase & Co. as well as Landesbank Baden-Wuerttemberg are advising on the sale.
For its part, Schott Solar has already indicated about its plans to the increase the annual capacity for the production of receivers for solar power plants with parabolic trough technology (CSP) by the end of 2009 to approximately one gigawatt. The annual production capacity of the joint venture Wacker Schott is also planned to reach one gigawatt by 2012.
Schott has also decided to wholly integrate its subsidiary Schott Solarthermie GmbH into the Schott Solar GmbH. The development follows company's decision to bundle its competences in the solar industry into a new legal structure.