Schott to become sole shareholder in solar JV with RWE

Effective 1 October 2005, Schott AG (Mainz, Germany) will acquire the 50% share that RWE Solutions AG (Neu-Isenburg) holds in RWE Schott Solar GmbH (Alzenau). The move means that the technology group …

Effective 1 October 2005, Schott AG (Mainz, Germany) will acquire the 50% share that RWE Solutions AG (Neu-Isenburg) holds in RWE Schott Solar GmbH (Alzenau). The move means that the technology group with its headquarters in Mainz will become the sole shareholder in the joint venture first formed in 2002. The company will then be trading under its new name, Schott Solar GmbH and its main office will remain in Alzenau. Completion of the transaction is subject to approval by the antitrust authorities. RWE Schott Solar GmbH employs a total staff of more than 900 employees in various regions of the world and ranks as one of the world“s leading manufacturers of PV solar electricity components. The company covers basically all areas of the value creation chain, including wafers, cells and modules. Sales for the current fiscal year that ends on 30 September 2005 will reach approximately EUR 280 million. “By completing the acquisition of RWE Schott Solar GmbH, we will be able to intensify our company“s activities in the field of solar energy. We strongly believe in this promising field. Solar technologies will offer vast potential for sustainable energy supply. As a global technology leader, we are looking forward to participating in the growth of this exciting market and we“ll work to set international benchmarks,” said Dr. Udo Ungeheuer, Chairman of the Management Board at Schott AG, in reference to the acquisition. Michael Stadler, Chairman of the Management Board at RWE Solutions AG, said: “Schott and RWE Solutions have been successful in advancing PV solar electricity technology over the past few years. Now that large scale industrial production has commenced, this represents the perfect point in time for us to transfer our shares to Schott AG. RWE does not view itself to be a manufacturer of power plants but rather is focusing its business on energy generation and supply.” RWE Schott Solar GmbH has production plants in Germany, the Czech Republic and the USA. In 2005, the company expanded its capacity for manufacturing solar cells to more than 100 megawatts per year.