EANS-Adhoc: Sunways AG / Extensive restructuring at Sunways AG and Sunways Production GmbH

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Restructuring & Recapitalisations 14.12.2012

Konstanz/Germany, 14 December 2012 - Sunways Production GmbH, a wholly-owned subsidiary of Sunways AG (ISIN DE0007332207 / WKN 733220), operates a plant for the production and development of solar cells in Arnstadt. Due to the current economic situation in the solar industry, Sunways Production GmbH is presently not in a position to operate profitably. Therefore, the Management Board, with the consent of the Supervisory Board, today decided to significantly reduce the production and development activities of Sunways Production GmbH until at least a breakeven situation can be achieved again. With the restructuring measures it is intended to reduce the current workforce of 120 by approx. 50 % at Sunways Production GmbH.

Furthermore, the Management Board, with the consent of the Supervisory Board, decided today to also reduce the number of employees across all locations at Sunways AG as well as to restructure production to accommodate the present market environment.

According to the Management Board's current plans, the aggregate number of 265 employees of the Sunways Group might be reduced by a total of 40 %. Relevant talks will be initiated shortly with the works councils of Sunways AG in Konstanz and Sunways Production GmbH in Arnstadt.

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(END) Dow Jones Newswires

   December 14, 2012 02:45 ET (07:45 GMT)- - 02 45 AM EST 12-14-12