Meyer Burger no longer sees "a realistic chance" of saving the company

In a statement released Wednesday, the struggling solar module manufacturer explained that "intense negotiations conducted over many months with various interested parties to save the group's solar technology could not be successfully concluded."

Now, its board of directors sees "no realistic chance of saving the group as a whole," including "the parent company."

In Switzerland, the group is currently benefiting from a provisional suspension of bankruptcy proceedings, the procedure which temporarily allows bankruptcy to be avoided.

In Germany, however, it launched insolvency proceedings in early August for its Thalheim solar cell plant, and then in early September for its Hohenstein-Ernstthal site. In the United States, it began filing for Chapter 11 bankruptcy protection in June.

With the exception of the liquidation teams, its approximately 600 employees in Germany have been laid off, and its remaining 45 employees in Switzerland recently received their notices. Its 300 employees in the United States were already laid off in May.

In the press release, Meyer Burger explained that it had been faced with "a difficult competitive environment" due to very low-cost imports from China" as well as "considerable uncertainties regarding the future promotion of renewable energies."

Initially specializing in silicon wafer cutting equipment for semiconductors, Meyer Burger diversified into equipment for the solar industry, then set its sights on becoming a manufacturer of solar cells and modules itself.

In 2021, it opened two factories in Germany. But in the meantime, Meyer Burger found itself overwhelmed by competition from much cheaper products from China. It then shifted its strategy to focus on the United States, where production seemed much more profitable with the Biden administration's major investment program in green energy.

However, the group has suffered setback after setback. Last November, it lost its contract with its largest American client and its share price, already in freefall, collapsed, with many investors fearing bankruptcy.

Last week, the Swiss stock exchange operator announced that it had requested to be delisted.