SunEdison Inc. says its board of directors has unanimously approved an initial public offering of the company's semiconductor business to create SunEdison Semiconductor Inc.
SunEdison plans to sell a minority ownership interest in the semiconductor business to the public. The company says it expects to use proceeds from the separation to fund initiatives related to the solar business, to repay existing indebtedness and for general corporate purposes.
The newly formed SunEdison Semiconductor will operate as an independent company with a new board of directors.
‘Today's announcement represents the next evolution in our strategic plan to better position both our solar and semiconductor businesses for sustainable, long-term success,’ says SunEdison CEO Ahmad Chatila.