Crisis During 2008-2009
Immediately after its IPO in 2006, the share price of the company soared, reaching a peak of NOK 262 in November 2007, corresponding to a market capitalization of NOK 174 billion. Based on this value, the company was at the time the largest wholly privately owned company in Norway. During 2008 and 2009, the company faced a crisis with falling income and increasing debt. As of May 2010, the market capitalization is down to 18 billion NOK. The large drop in value has been partially blamed on the financial crisis, which caused a near halving of the price of silicon wafers, as well as increasing costs of investments, in particular due to delays in opening a new factory in Moses Lake, Washington.
Read more about this topic: Renewable Energy Corporation
Famous quotes containing the word crisis:
“What happens in a strike happens not to one person alone.... It is a crisis with meaning and potency for all and prophetic of a future. The elements in crisis are the same, there is a fermentation that is identical. The elements are these: a body of men, women and children, hungry; an organization of feudal employers out to break the back of unionization; and the government Labor Board sent to “negotiate” between this hunger and this greed.”
—Meridel Le Sueur (b. 1900)