MEMC Electronic Materials has said it plans to drop its name that has been in existence for decades and take on its subsidiary SunEdison as the corporate moniker.
The move was said to better reflect the business model changes and future developments of the company, which has morphed from originally being a leading polysilicon producer to semiconductor and more recently into a leading PV project developer, via the acquisition of SunEdison several years ago.
In a statement, MEMC said: “This name change does not reflect a change in business strategy related to either of the company's segments. Rather, the name change will better reflect the synergistic nature of the two businesses and help create and maintain one powerful, global brand name. The company believes the SunEdison name best represents the business, has greater long-term brand equity, scalability and broader appeal in the marketplace.”
The name change is subject to a preliminary proxy statement filing to shareholders, which if approved would be effective after its AGM on May 30 2013.