Suntech Reportedly Nearing Takeover By Government Holding Company

Posted by SI Staff on March 14, 2013 No Comments
Categories : New & Noteworthy

China-based PV manufacturer Suntech, which has encountered serious financial problems in recent years, may soon be partially or completely taken over by the government of Wuxi, China.

According to the New York Times, which cited an unnamed official from the Wuxi government's holding company, the deal has already been reached. Suntech has not publicly released any announcements regarding the news and declined to confirm to the New York Times that a takeover agreement had been reached.

Earlier this week, Suntech said it was shutting down its solar module manufacturing facility in Goodyear, Ariz. The company has also dealt with a fraudulent bond from GSF Capital, the controversial departure of founder Zhengrong Shi as chairman of its board, and a threatened delisting of its shares from the New York Stock Exchange in recent months.

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