SHANGHAI, Jan. 23, 2015
/PRNewswire/ -- Hanwha SolarOne Co., Ltd. (the "Company", or "SolarOne"), a
top-10 global photovoltaic manufacturer of high-quality,
cost-competitive solar modules, today announced that it will file
with the Securities and Exchange Commission supplemental
information to the shareholder circular (the "Circular") dated
December 24, 2014 regarding the
proposed acquisition of Hanwha Q CELLS Investment Co., Ltd. ("Q
CELLS").
The supplement highlights, among other things:
On January 21, 2015, Q CELLS
announced that it will launch a program to sharpen its
international profile of R&D and production, designed to
further improve cost and efficiency and increase its overall
competitiveness.
As part of the program, Q CELLS' German site will cease
production as of March 1, 2015. At
present, its German site has production capacities of 230 MW for
cells and 130 MW for modules respectively. Q CELLS intends to
transfer the respective production equipment to more cost
competitive sites, namely its main production site in Cyberjaya,
Malaysia for cells, and another
site to be determined later for modules. The organization in
Germany will be restructured
accordingly and be focused on its core functions: Research &
Development (R&D), Quality Management, Component Sales and
Power Plant Solutions Business.
Q CELLS will enter into negotiations with the works council in
Germany immediately in order to
reach an agreement on the terms and conditions of the restructuring
program. The production transfer to other sites and the
corresponding reshaping is estimated to lead to a reduction of the
workforce in Germany by around 550
positions. Around 350 jobs will be maintained at Q CELLS in
Germany. While Q CELLS expects the
program to enhance its cost competitiveness in the long term, it
may not realize all of the anticipated benefits of the program or
those benefits may take longer to realize than expected. Q CELLS
also expects that it will incur restructuring cost in the near term
in connection with the program.
About Hanwha SolarOne
Hanwha SolarOne Co., Ltd. (NASDAQ: HSOL) is one of the top 10
photovoltaic module manufacturers in the world, providing
cost-competitive, high quality PV modules. It is a flagship company
of Hanwha Group, one of the largest business enterprises in
South Korea. Hanwha SolarOne
serves the utility, commercial, government and residential markets
through a growing network of third-party distributors, OEM
manufacturers and system integrators. The company maintains a
strong presence worldwide, with a global business network spanning
Europe, North America, Asia, South
America, Africa and the
Middle East. As a responsible
company committed to sustainability, Hanwha SolarOne is an active
member of the PV Cycle take-back and recycling program. On
December 8, 2014 the Company
announced the acquisition of Hanwha Q CELLS in an all-stock
transaction, which is expected to close during the first quarter of
2015 (see filings with the SEC for full disclosure). For more
information, please visit: investors.hanwha-solarone.com.
Forward-Looking Safe-Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar statements.
Among other things, the quotations from management in this press
release and the Company's operations and business outlook, contain
forward-looking statements. Such statements involve certain risks
and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Further
information regarding these and other risks is included in Hanwha
SolarOne's filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 20-F and the
Circular. Except as required by law, the Company does not undertake
any obligation to update any forward-looking statements, whether as
a result of new information, future events or otherwise.
Note on the Limited Information in this Press Release
This press release does not contain all relevant information
relating to the Company or its securities, particularly with
respect to the risks and special considerations involved with an
investment in the securities of the Company, and this press release
is qualified in its entirety by reference to the detailed
information appearing in the Circular. See "Risk Factors" of the
Circular for more information.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities, nor shall there be any
sale of securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/hanwha-solarone-amends-shareholder-circular-to-reflect-restructuring-of-q-cells-300024796.html
SOURCE Hanwha SolarOne Co., Ltd.