May 16, 2008 / 5:06 PM / 12 years ago

Germany's Schott Solar to float in 2nd half-sources

FRANKFURT, May 16 (Reuters) - German technology group Schott plans to float its solar business Schott Solar in the second half of the year to garner funds for the company’s expansion, two people familiar with the matter told Reuters on Friday.

The initial public offering (IPO) could happen at the end of the third or the beginning of the fourth quarter, the people said.

Deutsche Bank (DBKGn.DE), JPMorgan (JPM.N) and Commerzbank (CBKG.DE) have been selected to manage the IPO, they said.

JPMorgan declined to comment. Deutsche Bank and Commerzbank were not immediately available for comment.

A Schott Solar spokesman declined to comment on the IPO timings saying only a listing was a possibility among others.

“It is true that we were in talks with banks and that an IPO is one of the options under discussion to finance growth opportunities. But no concrete decision has been made yet,” he said.

Schott Solar manufactures solar wafers, cells and modules and has production plants in Germany, Czech Republic and the United States.

It aims to expand its operations at all of its sites and earmarked annual investments in the three-digit million euro range, the spokesman said.

Its total production capacity worldwide adds up to about 130 megawatts (MW) and the company aims for a global annual production capacity of crystalline solar cells and modules of about 450 MW for 2010. (Editing by Sue Thomas)

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