LG will set up a joint venture with the German Conergy production of solar cells

LG Electronics said it has with the German solar system manufacturers Conergy signed a preliminary agreement to set up joint ventures in the manufacture of solar cells.

If the transaction amount of nearly 200 million U.S. dollars of the successful completion of the acquisition, LG Electronics will officially enter the solar cell industry, which is LG since 1995 after the first overseas acquisition.

LG and Samsung have been acquired to avoid the field, and the tendency to self-growth. LG on overseas acquisitions are back in 1995 acquired the U.S. Electronics manufacturer Zenith.

Reports said, LG has business relations between the tasks assigned specific roles to tap the solar energy industry. '

Conergy ongoing restructuring, the creation of cash to cover its speed can not catch up with a positive growth plan, which is now to reduce non-core operations to focus on solar PV business. The company said that on September 9 has been the cause of the sale of wind turbine generators to the U.S. private direct investment fund Warburg Pincus.

Source: 国际新能源网 Sep. 18, 2008