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  • mrsetion mrsetion Jan 10, 2013 3:28 PM Flag

    REC reduces poly production. Bearish for SOL

    10/01-2013 19:00:00: (RECN.OMSW, E-RECO.BTSE, RECO.ST, REC) REC to reduce Siemens-based solar grade silicon production at its Moses Lake, WA facility
    Sandvika, January 10, 2013: Due to continued market and price pressures for
    solar grade polysilicon, Renewable Energy Corporation ASA (REC) has chosen to
    temporarily reduce Siemens-based solar grade silicon production at its Moses
    Lake, WA, USA, facility by 2,400 MT. The production reduction will be specific
    to the Polysilicon I facility where the solar grade chunk material is produced.
    Granular solar grade polysilicon from REC's proprietary Fluid Bed Reactor
    process and electronic grade polysilicon production at the Butte facility are
    scheduled to produce 20,000 MT of polysilicon in 2013.

    This decision will result in a reduction of 46 positions. The Silicon division
    of REC will endeavor to utilize some of the affected employees to fill existing
    vacancies.

    "To remain competitive, the organization in Moses Lake has worked very hard this
    past year to drive operating costs down, but under these current economic
    conditions it is not viable to continue production when market prices for the
    Siemens solar chunk product has fallen well below the cost to produce it," said
    Tore Torvund, President, Silicon.

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