REC reorganizes, consolidates Wafer and Solar units into new restructured group



In a reorganizational move the company says will leverage the advantages of vertical integration, REC will consolidate its REC Wafer and REC Solar units–including all of the company’s activities in Singapore–under one management team. The newly restructured group will be headed by John Andersen Jr., current EVP of REC Solar and group COO.

Einar Kilde, EVP of the wafer unit, has decided to pursue international career opportunities outside REC. Matthew Shippey, REC’s EVP of projects, will also leave the company in the near future, now that the company’s capacity expansion program has been completed. REC Projects will report to CFO Bjørn Brenna after the transition.

“Einar and Matthew have been instrumental in the construction of REC’s Singapore facility and the new silicon plants in the US,” said CEO Ole Enger. “We thank them for their valuable contributions to the development of REC, and we wish them the best of luck in their future endeavors.”

Following the restructuring, REC said it expects to realize further synergies and cost savings through a more efficient organization.

Because of the reorganization, from fourth-quarter 2010 onward, REC will report financial results with segment information for REC Silicon, REC Wafer (Norway), and REC Solar (wafers, cells, and modules in Singapore and cells and modules in Scandinavia).

The company said there will be no changes to the legal structure of companies within the group.

During the company’s most recent quarterly earnings report, the soon-to-be-consolidated business units experienced healthy revenue growth, with REC Wafer seeing $272.3 million in sales and REC Solar posting $161.4 million during the second quarter.


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