Dow Corning, majority owner of Hemlock Semiconductor the largest polysilicon producer in the US reported fourth quarter 2014 sales of US$1.68 billion, a 5% increase compared to the fourth quarter of 2013.
However, the company reported a significant decline in net income in the quarter of US$37 million, a 66% decline. In the full-year, sales increased by 9% and net income by 36%.
Hemlock was said to have increased its sales performance in the year.
J. Donald Sheets, Dow Corning's CFO said: “Our Polysilicon segment, the Hemlock Semiconductor Group, continued its strong performance in 2014 despite the lack of progress in resolving the US and China trade disputes plaguing the solar industry. The fourth quarter decision to permanently close Hemlock Semiconductor's Clarksville site, while difficult, will ultimately strengthen Dow Corning's financial performance by eliminating the significant costs associated with maintaining the site.”
Dow Corning's CFO was referring to the decision to close its major polysilicon plant expansion at a greenfield site in Clarksville. Dow Chemical, parent company of Dow Corning recently reported that it took a pre-tax loss of US$500 million on the polysilicon plant closure.