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MEMC Electronic Materials (WFR) Buys Stake In Eversol
MEMC Electronic Materials just announced that they have acquired an ownership stake in Taiwanese solar wafer manufacturer Eversol. To start with, MEMC Electronic Materials amended a contract with Gintech to allow it to purchase Gintech’s 8.36% interest in Eversol at the price Gintech originally paid for it. Then, MEMC spent 5 million more on an additional 5.1 million shares, meaning that it currently owns a 10.6% stake in the company.
In a press release, Ken Hannah, President of MEMC Solar Materials, explained the company’s decision:
We are pleased to strengthen our strategic partnership with Eversol. In addition to our plans to bring solar wafer manufacturing capability in-house, MEMC is identifying strategic partners for solar wafer manufacturing. With a mix of internal and external solar wafering capacity, we can minimize fixed costs and maintain the flexibility to satisfy growing levels of demand. As we implement this manufacturing strategy, we will continue to identify world-class strategic partners, such as Eversol.”
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