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REC temporarily halting 50% of monocrystalline wafer production at Glomfjord, Norway facility

Financials

Weak pricing, especially on the spot market, has forced REC to reduce monocrystalline wafer production at its Glomfjord, Norway facility by 50%. The announcement comes soon after reducing multicrystalline wafer production at its facility in Herøya, Norway by 60% in late November, 2011. REC said that the temporary shutdown would affect approximately 65 employees at its Glomfjord facility.

REC’s annual monocrystalline wafer capacity at Glomfjord is said to be 300MW, while its annual multicrystalline wafer capacity at Herøya is put at 650MW.

The fully integrated PV manufacturer noted that with the latest production adjustments it expects to produce approximately 105MW of multi- and monocrystalline wafers in Norway in the first quarter 2012.

However, its latest and most advanced manufacturing facility in Singapore (700MW annual wafer to module capacity) remains at full capacity as does its polysilicon plants in the US.

REC did not provide any update to the impact the temporary production reduction would have on its financial performance.

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