Bosch buys out CIGS firm aleo solar

November 4, 2009 -  The Bosch Group has acquired a majority (68.70%) in CIGS module manufacturer aleo solar in an unsolicited takeover, a move to help broaden its "value-added chain" and open up new distribution channels.

Bosh also is acquiring a >60% interest in 125-employee startup Johanna Solar Technology GmbH, in which aleo holds a ~17% stake. That company started developing CIGS modules in 2006, built a facility in Brandenburg an der Havel at the end of 2007, and started production at the end of 2008; aleo sold the panels.

aleo, which makes mono- and polycrystalline silicon solar cells sold across Europe (via factories in Prenzlau, Germany, and near Barcelona, Spain), posted about €360M in revenues in 2008, with about 800 employees.

In August Bosch launched a €117M (US $168M) takeover offer for aleo, which was backed by that company's management and supervisory boards. A year ago Bosch paid >€1B for Ersol, subsequently pledging to spend nearly half that amount again on a new factory for its c-Si cells and modules.