Bloomberg News

Conergy Expects ‘Positive Development’ in 2012, New CEO Says

January 12, 2012

(Updates with closing share gain in fifth paragraph.)

Jan. 12 (Bloomberg) -- Conergy AG, the German solar panel maker owned by creditors since July, expects a “positive development” in 2012 as it seeks to grow in Asia, new Chief Executive Officer Philip Comberg said.

Conergy appointed its chairman, Comberg, as CEO today, filling a position vacant since October 2010. He will remain in the chief’s post until Dec. 31, the company said in a statement.

The Hamburg-based company is in “constant intensive talks with numerous suppliers from Asia” to source the best possible prices, Comberg, a former Solarfun Power Holdings Co. board member who speaks Chinese, said today in a conference call.

Conergy, once Germany’s largest solar company, in November posted a third-quarter loss bigger than its market value at that time as prices and demand fell at home. The company said in September that it would cut 100 jobs, halt production of wafers and cells and focus on the end-product modules, project development and solar energy-related services.

Conergy shares rose 1.6 percent to 38.5 euro cents a share at the close of Frankfurt trading, valuing the company at about 61.5 million euros ($79 million). The stock has risen 22 percent this year.

The company generated about 70 percent of its sales in Europe and 18 percent in Asia after the first nine months of 2011, said Comberg, a former investment banker for Deutsche Bank AG. Asia is the company’s “fastest-growing market,” after a 60 percent increase in that period, he said.

--Editor: Randall Hackley

To contact the reporter on this story: Stefan Nicola in Berlin at snicola2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


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