Solarmax parent company intends to file for bankruptcy

Polaris solar PV net news: reporter recently learned, Switzerland parent company of Solarmax inverter manufacturer Sputnik Engineering will be held this week in Switzerland, filed for bankruptcy.

Reporters saw in a notice sent to customers, the company said, it had to find alternative but to no avail.

The company said in the statement: “this morning informed staff and will start today to stop work until further notice. ”

Due to the recession and increased competition in the domestic market, the company is not the first European manufacturer to struggling.

Market research firm IHS research manager Sam ˙ Wilkinson (Sam Wilkinson) says: “Solarmax in 2008, is the world’s fifth-largest supplier, holds more than 4% of the market share. Its market share has since decreased in 2013, holding a share of less than 1%. ”

Wilkinson added: “Solarmax had by March 2013 United States solar market, efforts to internationalize their business, in order to offset the recession in Europe. Because the string inverter of the fierce competition of local manufacturers, such as Advanced Energy, and Solectria, as well as many other European and Asian suppliers to undertake similar internationalization strategy, its struggle to gain a larger market share. ”

Despite the recent focus on series inverters in series to make up the European utilities market recession, but the company continued to struggle.

Wilkinson said: “IHS predicted that European pricing pressure will continue over the next five years an average annual decrease of 5–10% in the area. Therefore, the Solarmax exit has always been a major player on the European market, will provide very competitive environment with only limited relief, focused on European suppliers will continue to face intense competition. ”

Sputnik Engineering declined to comment, but admitted Manager Weissberg Consulting has taken over the management of the company.

Monique Avila provided information for this article.

Original title: Solarmax parent company intends to file for bankruptcy

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