Recent Developments
In 2009 MEMC and Q-Cells—specialized on construction and operation of photovoltaic plants—found a joint venture to erect a photovoltaic plant with 50 MWp in Straßkirchen, Bavaria. Both partners invested 100 million USD each, in return for a 50% ownership on the project. As planned, the plant was sold to an alternative energy fund of Nordcapital after operations started at the beginning of 2010.
At the end of 2009 MEMC bought SunEdison, a North-American company planning large-scale photovoltaic projects, and financing, constructing and operating them. SunEdison is the largest operator of solar power plants in North America. The company was taken over for 200 million USD, 70 per cent thereof paid in shares of MEMC, 30% in cash. An additional 90 million USD was to be paid depending on target achievement in 2010.
MEMC acquired the California-based solar tech company Solaicx mid-2010. By paying 76 million USD, MEMC got access to the continuous crystal pulling technology of Solaicx, which enabled the production of cheap mono-crystalline solar wafers.
In February 2011 Samsung Fine Chemicals and MEMC announced a 50/50-Joint Venture to build a polysilicon production plant in Ulsan, South-Korea. The plant will have an initial capacity of 10,000 tons per annum.
December 2011 MEMC announced restructuring measures to react on a cyclical downturn in its semiconductor business and a slump in the whole supply chain of photovoltaic modules. A headcount reduction of 1,300 employees (18% of the workforce) and a reduction of capacity for polysilicon and solar wafers was announced. Restructuring charges of 1 billion USD, 180 million USD thereof cash costs was announced.
Read more about this topic: MEMC Electronic Materials, History
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