Manz AG signs a Framework Agreement regarding the strategic cooperation in the field of CIGS thin-film technology including substantial orders and adjusts revenue forecast for fiscal year 2016
Recently, Manz AG, Reutlingen, signed a framework agreement (the “Agreement”) with leading companies. This Agreement is aimed at a sustainable strategic cooperation in order to further develop and commercialize Manz AG’s CIGS thin-film technology. Manz and the cooperation partners agreed to jointly accelerate the establishment of a R&D company in order to advance the further development of the Manz CIGS technology. The current R&D site for CIGS from Manz AG, the Manz CIGS Technology GmbH, will be acquired by the new R&D Joint Venture. Subject of the Agreement are as well CIGSfab purchase orders. The Agreements still need the approvals of the management boards of the parties and are subject to the satisfactory results of the ongoing Due Diligence for the Manz CIGS Technology GmbH.
The cooperation partners agreed to cover the operational costs occuring from Manz CIGS Technology GmbH in Schwäbisch Hall from November 2016 till end of December 2016 or final formal signature is completed. The management board of Manz AG does not expect this to happen before mid of December 2016. Consequently revenues and earnings from a CIGS purchase order, which were included in the management’s full year 2016 expectations so far, will be postponed and therefore will only affect revenues and earnings during the financial years 2017 and 2018. For the financial
year 2016 the management board of Manz AG now expects revenues of the Manz Group at the previous year’s level while confirming its expectations of significantly improved earnings before interest and taxes (EBIT) in comparison to the financial year 2015.