MUNICH (dpa-AFX) - BayWa AG (BYWG), a German wholesaler and retailer of industrial and agricultural goods, late Sunday said the company, through its unit BayWa r.e. renewable energy GmbH, acquired Australian photovoltaic distributor Solarmatrix.
With the deal, BayWa entered the solar module and components business in Australia. BayWa intends to benefit from the long-standing experience in the Australian solar market and good customer loyalty of the former Solarmatrix to further increase market shares Down Under.
The company said the activities of Solarmatrix will be continued with the company BayWa r.e. Solar Systems Pty Ltd. formed specifically for this purpose.
Klaus Josef Lutz, Chief Executive Officer of BayWa AG, said, 'After entering the market in South East Asia a good half year ago, we now continue our international growth strategy in the Southern hemisphere. Given its high levels of sunlight, Australia is a most interesting business field for photovoltaic energy.'
BayWa said the global competence network of BayWa r.e. will in future be complemented by all of the eight employees of the former Solarmatrix. This also includes the former managing director of Solarmatrix Durmus Yildiz who will now head the newly formed BayWa r.e. Solar Systems Pty Ltd.
Copyright RTT News/dpa-AFX