Company

Ferrostaal takes over remaining shares in Flagsol

Essen, 2012-07-09

Ferrostaal GmbH has concluded an agreement with the insolvency administrator of Solar Millennium AG to take over 74.9% of the shares in Flagsol GmbH.

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Ferrostaal has owned 25.1% of Flagsol since 2009. Flagsol GmbH is headquartered in Cologne and has three subsidiaries at home and abroad with around 100 employees. The company specialises in engineering and EPC services for solarthermal power plants. Consequently Flagsol, like Ferrostaal, was involved in planning and constructing the solarthermal power plant Andasol 3 in Andalusia, southern Spain, which was completed in 2012.

“We will merge the proven expertise of Flagsol’s employees and the skills of Ferrostaal’s staff in solar and wind power plant projects,” explains Kay Hanns Ewaldsen, the Managing Director responsible at Ferrostaal.

About Ferrostaal GmbH

Ferrostaal is a global provider of industrial services in plant construction and engineering. As a technology-independent system integrator, the company offers development and management of projects, financial planning and construction services for turnkey industrial plants. As a supplier-independent full service provider, Ferrostaal assembles complex modules for automotive manufacturers and suppliers, and trades as an independent sales and service partner with machines and installations. Ferrostaal employs around 5,300 people in more than 40 countries. In 2010, its annual turnover amounted to 1.8 billion euros. Ferrostaal is a company of MPC Industries GmbH under the umbrella MPC Group (Hamburg, Germany).