June 19, 2020 / 5:02 AM / 19 days ago

Meyer Burger plans 165 mln Sfr capital hike, shifts focus in survival bid

ZURICH, June 19 (Reuters) - Solar equipment maker Meyer Burger Technology aims to raise 165 million Swiss francs ($173.63 million) in a capital increase and shift from producing machinery to focus on solar cell and module manufacturing in a bid to survive.

“The reason for this fundamental change of direction is the realization that the company has not been able to generate profits from its technological leadership in recent years,” it said in a statement, adding the capital increase will only be done if at least 150 million francs can be raised. ($1 = 0.9503 Swiss francs) (Reporting by John Miller; editing by Brenna Hughes Neghaiwi)

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