Hanwha Launches the World's Largest Solar Energy Company in Terms of Cell Production
- Hanwha SolarOne completed acquisition of Hanwha Q CELLS at its extra general meeting of shareholders held on February 4th
- Hanwha will secure a considerable competitive advantage based on its manufacturing facilities in China, Malaysia, and South Korea
Hanwha Group (headed by Chairman Seung Youn Kim) becomes the world's leading solar energy company in terms of cell production by integrating Hanwha SolarOne Co., Ltd. (NASDAQ: HSOL) ("Hanwha SolarOne" or the "Company") and Hanwha Q CELLS Investment Co.
On February 4th, Hanwha SolarOne held a general meeting of shareholders in Shanghai, China and completed the acquisition of Hanwha Q CELLS by acquiring in an all-stock transaction 100% of the outstanding share capital by issuing new ordinary shares. It was resolved that the change of the Company's name to 'Hanwha Q CELLS Co., Ltd'.
The combined company, 'Hanwha Q CELLS', will become the world's largest solar energy player in terms of cell production with its cell capacity of 3.28 GW. By the end of 2015, its solar module capacity is expected to reach 3.23 GW with completion of its new and expanding production lines.
The company's headquarters will be located in Seoul, South Korea, and Mr. Seong Woo Nam, chairman and CEO of Hanwha SolarOne, will step in as the CEO.
The previous headquarters of Hanwha Q CELLS, in Thalheim, Germany, will be changed into a technology innovation center with the aim of strengthening Hanwha Q CELLS' premium technology and advanced R&D processes.
Integrating the two companies will result in considerable competitive advantages powered by its advanced German technologies and diversified foundation of manufacturing including facilities in China, Malaysia and South Korea, allowing the company to overcome import tariffs in key markets such as the US.
Based on such diversified global production, 'Hanwha Q CELLS' aims to strengthen the synergy effects between Hanwha Q CELLS and Hanwha SolarOne's dual business networks. In addition, the company will maximize its profitability by putting more emphasis on downstream business, namely solar power plant business.
Mr. Seong Woo Nam commented "the integration of the two companies will provide us with a much strengthened competitive position by improving cost competitiveness in the global solar market as well as of our financial structure. In addition, we expect to see considerable performance improvement in 2015 by maximizing strategic synergy."
'Hanwha Q CELLS' currently has over 2 GW of global downstream pipelines and is expanding its market influence to rapidly growing solar energy markets such as China, Europe, Japan and North America.
Hanwha Group, founded in 1952, is one of the Top-Ten business enterprises in South Korea and a “FORTUNE Global 500” company. Hanwha Group has 61 domestic affiliates and 258 global networks in three major sectors: manufacturing and construction, finance, and services and leisure. With more than 65 years track record of industrial leadership, Hanwha’s manufacturing and construction businesses encompass a broad range of fields from chemicals & materials, aerospace & mechatronics, total solar energy solutions, and global construction. The finance network, covering insurance, asset management and securities, is the second largest non-bank financial group in South Korea. The services and leisure sector offers premium lifestyle services with retail and resort businesses.
For more information, visit: www.hanwha.com
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.
For more information, visit: investors.hanwha-solarone.com
Hanwha Q CELLS
Hanwha Q CELLS is a total solar power solution provider with the world's largest cell production capacity. Our business scope ranges from the midstream of ingots, to wafers, cells, and modules, to downstream solar solutions for residential, commercial buildings, and solar power plants.
For more information, visit: www.hanwha-qcells.com
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. 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.
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