Suntech Power Holdings Co. Ltd. has acquired a minority stake in Asia Silicon Co. Ltd. from an existing shareholder for a total consideration of approximately $8.1 million.
‘We are very pleased to cement our relationship with Asia Silicon,’ says Dr. Zhengrong Shi, Suntech's chairman and CEO. ‘Asia Silicon has all the makings of a world-class polysilicon producer due to the utilization of the most advanced production equipment, their expert technical team and industry-leading cost structure." ‘
Suntech previously entered into an agreement to purchase high-purity polysilicon from Asia Silicon with a total value of up to $1.5 billion over a seven-year period. The price of the silicon decreases to below $40 per kilogram during the term of the contract.
SOURCE: Suntech Power Holdings Co. Ltd.