Suntech (STP) Adding 375MW In Capacity With Glory Silicon Acquisition

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01:09:07 pm on November 17, 2010

This morning I posted the concerns out of Credit Suisse and Axiom Capital that solar companies are adding too much capacity when demand is expected to soften.  I think part of the reason Suntech Power (STP) is under pressure this morning is the announcement they are adding 375MW in capacity with the full acquisition of Glory Silicon Technology, of which it current has an investment in.

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Suntech Chairman and CEO Dr. Zhengrong Shi stated, “The acquisition of wafer manufacturing capacity is the next step of our vertical integration, which will enable Suntech to balance dual goals of large scale and low cost. The proximity of the manufacturing facility, operating experience of the management team and ample capacity make this an ideal acquisition for Suntech.”

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