Meyer Burger announces initial measures for strategic realignment and changes in management team

Ad hoc announcement pursuant to Art. 53 LR
Thun, Switzerland – September 18, 2024

Meyer Burger announces initial measures for strategic realignment and changes in management team

• Focus on production and technology to ensure return to profitability
• Streamlining of group structure and reduction in workforce planned
• CEO Gunter Erfurt leaves the company and hands over to Franz Richter
• Departure of CFO Markus Nikles and downsizing of management board

Meyer Burger Technology AG has announced the immediate initiation of a restructuring program aimed at enabling a return to profitability. The projected revenue of approximately CHF 350 to CHF 400 million and an EBITDA in the mid-double-digit million range from 2026 onwards is largely based on the existing production capacity and long-term supply agreements with key customers.

In addition to focusing on production facilities in Thalheim (Germany, cells) and Goodyear (USA, modules), the company's technological capabilities in Hohenstein-Ernstthal (Germany) will be maintained in order to further develop the technology in the future. The significant streamlining of the group structure, particularly across the organization, will result in a reduction of the global workforce from currently approximately 1,050 employees to around 850 by the end of 2025. This disproportionate reduction in Europe will be offset by an increase in the U.S. to achieve full production capacity in Goodyear.

Furthermore, Meyer Burger is exploring the potential to generate additional revenue and contribution margins through the sale of technology and equipment to strategic customers in the areas of solar cell production and module technology. Liquidity in the operational business will continue to be supported through sales of solar modules from existing inventories and additionally through the sale of other assets. Various options are currently being analyzed to close the remaining financing gap.

Gunter Erfurt hands over to Franz Richter

Gunter Erfurt is stepping down as CEO and will leave the company. He will continue to advise the board during a transition period, leveraging his extensive industry network and expertise in the international solar industry. “Gunter Erfurt has played a decisive role in shaping Meyer Burger as CEO and CTO in recent years, overseeing the transition from an equipment supplier to a manufacturer of solar cells and modules in a challenging environment. Through his relentless dedication to Meyer Burger and the European and U.S. solar industry, he has become a renowned advocate for the industry worldwide,” said Franz Richter, Chairman of the Board of Meyer Burger.

Franz Richter will take over immediately as Executive Chairman, assuming the role of CEO at Meyer Burger, bringing his extensive experience in restructuring industrial companies. He has previously held operational mandates at Süss MicroTec AG and Dr. Hönle AG, where he currently serves as Chairman of the Supervisory Board.

CFO Markus Nikles will also leave the company, in his case effective by the end of September 2024. “Markus Nikles has always represented Meyer Burger with great commitment and loyalty during his time with the company – we are truly grateful to him for that,” said Andreas Herzog, member of Meyer Burger's board. The responsibilities for finance and controlling will be assumed by Ralf Hermkens (U.S.) and Frank Zimmermann (Europe), who will report directly to the Executive Chairman until further notice. Both are already serving as Executive Vice Presidents within the company.

The management board, now reduced to three members, will initially focus on achieving profitability as quickly as possible. In addition to his existing duties, Chief Operating Officer (COO) Daniel Menzel will take on responsibility for sales. Chief Sustainability Officer (CSO) Katja Tavernaro will focus significantly on the legal and personnel aspects of the restructuring.

Media contacts:

Meyer Burger Technology AG
Anne Schneider
Head Corporate Communications
M. +49 174 349 17 90 
anne.schneider@meyerburger.com

Alexandre Müller
Investor Relations
M. +41 43 268 3231
alexandre.mueller@meyerburger.com