Suntech Power Holdings Co. Ltd. says it is in the process of acquiring 375 MW of ingot and wafer slicing capacity in China.
The wafer manufacturing capacity is being spun off from a subsidiary of Glory Silicon Technology Investments (Hong Kong) Ltd., in which Suntech holds an equity investment. Suntech will acquire the remaining 70% shares of the capacity for a total cash consideration of approximately $127 million, which is the total consideration after an offset of approximately $80 million of liabilities owed to Suntech, the company explains.
Following the acquisition, Suntech will own 100% of the 375 MW of wafer manufacturing capacity in China. Suntech expects to take operational control in the fourth quarter of this year.
SOURCE: Suntech Power Holdings Co. Ltd.