August 27, 2014 - China National Building Materials Group Corporation (CNBM) has successfully completed the acquisition of AVANCIS. Preparations to restart production in Torgau will be initiated immediately.
Following the announcement on April 22, 2014, the purchase of AVANCIS by the CNBM Group, has been successfully completed. With the completion of the acquisition, the German PV manufacturer is now a wholly owned subsidiary of CNBM headed by Dr. Franz Karg (CEO) and Oliver Just (CFO). The company will continue to operate under the name AVANCIS and produce and distribute PV modules under the PowerMax® brand.
CNBM stated that preparations to restart an improved production process at the 100MW plant in Torgau are to begin immediately. This will include new hires along the lines of the ramp-up plan. At the same time the Tech Center in Torgau and the R&D center in Munich will continue their research, development and small series production. The German pioneer in CIGS technology is focused on the production and continuous improvement of PowerMax® SMART modules to be used for ground mounted systems and in the building industry.
A large majority of employees of AVANCIS has accepted their transfer to the entity which has now been acquired by CNBM. AVANCIS product guarantees remain unchanged for all current and new customers.