Brief: Meyer Burger Initiates Comprehensive Restructuring Measures

Meyer Burger Technology AG

26/08/2024 05:43

Aug 26 (Reuters) - Meyer Burger Technology AG  MBTN.S :
    * FOCUSES ON MODULE PRODUCTION IN ARIZONA AND INITIATES
COMPREHENSIVE RESTRUCTURING MEASURES
    * CONSTRUCTION OF A SOLAR CELL MANUFACTURING FACILITY IN
COLORADO
SPRINGS, COLORADO, IS CURRENTLY NOT FINANCIALLY VIABLE AND HAS
BEEN PUT ON HOLD
    * PREVIOUSLY TARGETED DEBT FINANCING VIA MONETIZATION OF
SO-CALLED
45X TAX CREDITS WILL BE PURSUED WITH A LOWER VOLUME.
    * RESTRUCTURING PROGRAM IS BEING PREPARED IN ORDER TO
ACHIEVE
SUSTAINABLE PROFITABILITY
    * POSTPONING PUBLICATION OF HALF-YEAR RESULTS PREVIOUSLY
ANNOUNCED
FOR SEPTEMBER 16, 2024
    * IN CONNECTION WITH STRATEGIC CHANGES, BOARD OF DIRECTORS
HAS
INSTRUCTED MANAGEMENT TO DRAW UP A COMPREHENSIVE RESTRUCTURING
AND COST-CUTTING PROGRAM
    * MARK KEREKES, MEMBER OF BOARD OF DIRECTORS, HAS ANNOUNCED
HIS
RESIGNATION FROM BOARD
    * PLANNED COOPERATION WITH A US TECHNOLOGY GROUP WILL NOT BE
IMPLEMENTED AT PRESENT IN VIEW OF REVISED STRATEGY
    * MEYER BURGER IS POSTPONING PUBLICATION OF HALF-YEAR
RESULTS TO
SEPTEMBER 30, 2024 OR, WITH APPROVAL OF SIX EXCHANGE REGULATION,
TO A LATER DATE
    * EXISTING CELL PRODUCTION SITE IN THALHEIM
(BITTERFELD-WOLFEN),
GERMANY, WILL REMAIN FULLY OPERATIONAL AND - CONTRARY TO
PREVIOUS PLANS - WILL CONTINUE TO FORM BACKBONE OF MEYER
BURGER'S SOLAR CELL SUPPLY

Source text for Eikon:  ID:nEQc7NLX9a 
Further company coverage:  MBTN.S 

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