Deals
GCL-Poly to Buy SunEdison’s Material Business for $150 Million
- SunEdison filed for Chapter 11 bankruptcy protection in April
- Deal to help GCL-Poly to enhance production, technology
This article is for subscribers only.
GCL-Poly Energy Holdings Ltd., the world’s biggest maker of polysilicon for solar cells, agreed to purchase the solar-material business of bankrupt U.S. renewable-energy company SunEdison Inc. for $150 million.
The acquisition includes three SunEdison units -- SunEdison Products Singapore Pte., MEMC Pasadena Inc. and Solaicx Inc. -- as well as its stake in a Korean joint venture SMP Ltd., GCL-Poly said in a filing to the Hong Kong stock exchange on Sunday. The purchase will exclude MEMC’s manufacturing plant in Pasadena, Texas.