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.
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Famous quotes containing the word crisis:
“Without metaphor the handling of general concepts such as culture and civilization becomes impossible, and that of disease and disorder is the obvious one for the case in point. Is not crisis itself a concept we owe to Hippocrates? In the social and cultural domain no metaphor is more apt than the pathological one.”
—Johan Huizinga (1872–1945)