True Value Solar, once the biggest solar installation company in the country, is to shut up shop after its German shareholder decided to discontinue operations in Australia.
True Value made quite a name of itself (some good, some not-so good) by dominating industry rankings through its focus on the discount end of the market, before a change in ownership in 2011 ultimately led to a change of strategy.
German company M+W Group bought a controlling stake in 2011, and then completed the buyout in 2013, as part of its first push into Australia.
But the recently re-branded company – it is now known as Exyte – has decided to exit the country; Australia no longer features on its map of 20 countries in which the company, with $A4 billion in annual revenues, operates.
Australian employees – of which there are less than 30 – were advised of the impending closure earlier this week by senior management. Word spread quickly, and RenewEconomy confirmed the status on Wednesday, although a formal announcement has not yet been issued from Europe.
The good news for customers, and the industry’s reputation, is that the doors will not be closed straight away, and the company will gradually wind down in coming months and honour its contracts and warranties.