Solar Group Meyer Burger Up 7 pct On Record Order
Date: 17-Mar-10
Country: SWITZERLAND
Author: Catherine Bosley
Shares in Meyer Burger rose 7 percent on Tuesday after the solar industry supplier received a record order from Asia that it said was a sign customers were gaining confidence in economic recovery.
Meyer Burger said late Monday the order worth more than 250 million Swiss francs ($235.4 million) was the largest ever and it expected to make deliveries of wire saws, cropping saws and wafer inspection systems throughout 2010 and 2011.
"It is clearly positive because the orders are testament to Meyer Burger's ability to maintain high market share and prove that the acquisition of wafer inspection equipment supplier Hennecke Systems has been a success," Kepler analyst Ingo Queiser said in a note.
Shares in the company were up 7 percent at 26.90 francs at 0855 GMT, outperforming a 0.3 percent rise in SolwarWorld, Germany's top solar company, as well as a slightly firmer Swiss stock market.
Global solar demand has surged on brisk buying from Germany, helping the industry to recover from a slump in 2009, but some analysts fear the market will drop once incentives in Germany, the world's largest solar market, are pared back.
Meyer Burger will publish 2009 earnings next Monday.
(Editing by David Holmes)
