JX Nippon Mining & Metals Corp., Toho Titanium Co. and JNC Corp. will dissolve a polysilicon production venture amid an international glut of solar panels.
They agreed to withdraw as demand for solar panels isn’t growing amid a European debt crisis, while Chinese capacity is increasing, the companies said today in a joint statement.
Japan Solar Silicon Co., set up in June 2008, will close its factory by the end of March 2014 and the venture will be dissolved by around June, Junichiro Tateya, a spokesman for JNC, said by phone. JNC holds 50 percent, JX Nippon Mining & Metals 30 percent and Toho Titanium owns the rest.
The venture planned to produce 4,500 metric tons in 2013. Tateya declined to say how much the venture was now producing.