Yingli Green Energy Holding Company Limited, a solar energy company and one of the world's largest vertically integrated photovoltaic manufacturers, announced today to establish its European headquarters in Zurich, Switzerland.

The objective of this move is to incorporate the company's core European business activities within the framework of the newly founded Yingli Green Energy International AG.

Yingli Green Energy currently has five European subsidiaries, respectively in Germany, France, Spain, Greece and Italy.

The regional headquarters in Zurich, an international financial and economic center, will improve the group's decision-making in Europe.

"Yingli Green Energy will be able to consolidate its strong position in Europe through full integration of operations and strategic business activities on a pan-European level across all subsidiaries in core markets," said Miao Liansheng, chairman and chief executive officer of Yingli Green Energy.

"Through our new regional headquarters, the Company will be able to take advantage of centralized procurement, operational efficiencies and optimization of cash management," said Darren Thompson, head of Yingli Green Energy Europe GmbH.

"While we will centralize activities that offer efficiency improvements, we will balance this with continued investment in localization strategy and key markets where we can be close to our customers and at the same time adapt to different market conditions and cultures," Thompson said.

Related readings:

Yingli taps Australian solar market

S Africa signs $435m solar deal with Yingli