Meyer Burger dives over 50% to record low after largest customer terminates agreement

Meyer Burger Technology AG

15/11/2024 12:00

** Shares in Meyer Burger MBTN.S  slump around 56% to their
lowest price ever after the Swiss solar panel maker said its
largest customer DESRI terminated its agreement with the company
with immediate effect
    ** The company currently expects that irrespective of the
validity of such termination to adversely affect its financial
restructuring efforts, according to a statement
    ** "This very likely is the end of Meyer Burger. The company
will probably very soon file for insolvency after losing DESRI
which was its biggest customer by far," analyst Bernd Laux at
Zuercher Kantonalbank says
    ** "With the likely introduction of higher tariffs in the
U.S., the business model of Meyer Burger making solar cells in
Germany and selling them in the U.S. is no longer sustainable,"
Laux adds
    ** The stock, which has lost 99.3% YTD including today's
session, is on track for its worst day ever if losses hold

 (Reporting by Ozan Ergenay)
 ((ozan.ergenay@thomsonreuters.com))