MEMC Electronic Materials (WFR) Buys Stake In Eversol

21 December of 2009 by

MEMC Electronic Materials just announced that they have acquired anownership stake in Taiwanese solar wafer manufacturer Eversol. To startwith, MEMC Electronic Materials amended a contract with Gintech toallow it to purchase Gintech’s 8.36% interest in Eversol at the priceGintech originally paid for it. Then, MEMC spent 5 million more on anadditional 5.1 million shares, meaning that it currently owns a 10.6%stake in the company.

In a press release, Ken Hannah, President of MEMC Solar Materials, explained the company’s decision:

We are pleased to strengthen our strategic partnership with Eversol.In addition to our plans to bring solar wafer manufacturing capabilityin-house, MEMC is identifying strategic partners for solar wafermanufacturing. With a mix of internal and external solar waferingcapacity, we can minimize fixed costs and maintain the flexibility tosatisfy growing levels of demand. As we implement this manufacturingstrategy, we will continue to identify world-class strategic partners,such as Eversol.”

MEMC Electronic Materials (WFR) Buys Stake In Eversol

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