PV Crystalox Solar has sold its polysilicon production operations in Bitterfeld, Germany to the former management team, contributing €12.3 million to the renamed Silicon Products Research Engineering Production in the process.
The company said that the payment was the cheapest solution compared to costs it would incur to dismantle the plant.
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Iain Dorrity, CEO of PV Crystalox Solar, said: “The board believes that this transaction is preferable to the shutdown scenario as not only does it result in lower cash outflows for the group, but also gives certainty over their timing. In addition, it enables some jobs to be maintained at the Bitterfeld facility under the new management.”
Polysilicon production at the plant was suspended in November 2011.
It remains unclear how the new owners, Silicon Products, can operate the small plant at a profit with polysilicon ASPs currently below US$20/kg.