Suntech Power Holdings Co., Ltd. (NYSE: STP), the world’s largest producer of solar panels, announced today is in acquiring 375MW valanteesta and sliced capacity in China.
Wafer Production capacity is currently a subsidiary of Glory Silicon Technology spun from financial investments (Hong Kong S.A.R.) Limited with Suntech is equity. Suntech acquire the remaining 70% of the shares, total money consideration, approximately 127 million dollars, which is the sum of the offset liabilities of approximately 80 million dollars in debt to Suntech capacity.Post acquisition, Suntech owns 100% of the production capacity in China to introduce the wafer 375MW. Suntech quarter and its management in 2010 is expected to be immediately accretive on earnings.
Suntech Chairman of the Board and Chief Executive Officer Dr. Zhengrong Shi says, “the acquisition of manufacturing capacity, the wafer is our vertical integration, which allows two large scale in order to balance the objectives and the low cost of Suntech to the next step.User experience team and high capacity manufacture in the vicinity of the port facility to do this, the ideal for the acquisition of the Suntech. “
“Over the following 12 months, we plan to expand the internal wafer capacity by 25% to 50% of our entire cell and module capacity.   this should we can significantly reduce costs and improve the profitability of the wafer,” Dr. Shi on. “Goes forward, also we plan to take advantage of Suntech’s global R&D resources to drive innovation and efficiency improvements in manufacturing and wafer valanteesta. “