Renewable Energy Corporation ASA : REC to reduce Siemens-based solar grade
silicon production at its Moses Lake, WA facility
Sandvika, January 10, 2013: Due to continued market and price pressures for
solar grade polysilicon, Renewable Energy Corporation ASA (REC) has chosen to
temporarily reduce Siemens-based solar grade silicon production at its Moses
Lake, WA, USA, facility by 2,400 MT. The production reduction will be specific
to the Polysilicon I facility where the solar grade chunk material is
produced. Granular solar grade polysilicon from REC's proprietary Fluid Bed
Reactor process and electronic grade polysilicon production at the Butte
facility are scheduled to produce 20,000 MT of polysilicon in 2013.
This decision will result in a reduction of 46 positions. The Silicon division
of REC will endeavor to utilize some of the affected employees to fill
"To remain competitive, the organization in Moses Lake has worked very hard
this past year to drive operating costs down, but under these current economic
conditions it is not viable to continue production when market prices for the
Siemens solar chunk product has fallen well below the cost to produce it,"
said Tore Torvund, President, Silicon.
For more information, please contact:
In Norway: Mikkel Tørud, SVP Investor Relations: +47976 99144
In the US: Sharon Palmerton, Head of Community Affairs, Silicon: +1 509 760
REC is a leading global provider of solar electricity solutions. With nearly
two decades of expertise, we offer sustainable, high-performing products,
services and investment opportunities for the solar and electronics
industries. Together with our partners, we create value by providing solutions
that better meet the world's growing electricity needs. Our 2,400 employees
worldwide generated revenues of more than NOK 13 billion in 2011,
approximately EUR 1.7 billion or USD 2.4 billion.To see more of what REC can
offer, visit www.recgroup.com
information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of Thomson
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information contained therein.
Source: Renewable Energy Corporation ASA via Thomson Reuters ONE
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