Bosch to purchase 39.43 percent of aleo solar AG

STUTTGART, GERMANY: Bosch and the Eriksen Group, including related parties and other investors, have signed agreements relating to the purchase of 39.43 percent of the shares in aleo solar AG, in Prenzlau and Oldenburg, Germany. The purchase price for this stock amounts to 46 million euros, equivalent to a price of 9.00 euros per aleo share.

In addition, Bosch plans to make all outstanding aleo shareholders a voluntary public takeover offer, in which Bosch will also make all aleo shareholders a cash offer of 9.00 euros per share. The offer is thus 43 percent above the weighted average Xetra® price of the aleo share over the past three months. The entire transaction is conditional on Bosch holding at least 75 percent of aleo shares following the conclusion of the public offer. It is also subject to approval by the antitrust authorities.

aleo is an established brand name in the solar module market. It manufactures these modules on the basis of in-sourced mono- and polycrystalline solar cells. The modules are sold via a wide network of specialized dealers and installers to end-customers in Germany and other important European markets. In 2008, the company generated sales of roughly 360 million euros, and employed some 800 associates.

This acquisition will give Bosch broad access to the market. In 2008, the technology and services company already acquired a solar cell manufacturer when it took over ersol Solar Energy AG in Erfurt, Germany. The administrative offices of aleo are located at its sales center in Oldenburg, Germany. Its manufacturing facilities are located in Prenzlau, Germany, and near Barcelona, Spain.

In addition, Bosch intends to acquire from the Eriksen Group and related investors more than 60 percent of the shares in Johanna Solar Technology GmbH, Brandenburg an der Havel, Germany, in which aleo also holds a roughly 17 percent stake. Johanna started developing solar modules based on thin-film CIGS cells in 2006, going into production at the end of 2008. These thin-film modules are marketed by aleo. Johanna employs 125 associates.

“With this acquisition, we are boosting our position in photovoltaics and renewable energies. Together with the management and associates of aleo and Johanna, and in combination with the team at our subsidiary ersol, we see good opportunities to expand significantly in this promising field,” said Dr. Siegfried Dais, deputy chairman of the Bosch board of management with responsibility for the Solar Energy division.

Apart from photovoltaics, the Bosch Group offers many other systems for exploiting renewable energies. Bosch Rexroth supplies gear and drive technology for wind turbines, as well as hydraulic actuators for solar thermal power stations, and develops drive concepts for the still young area of marine power generation. Bosch Thermotechnology is one of the leading suppliers of electric heat pumps and of solar collectors for hot-water generation.