Suntech Power Holdings Co. Ltd. plans to overhaul operations at its Shanghai, China, manufacturing facility to focus on the manufacture of crystalline silicon solar cells. As part of the restructuring, the company has ceased the manufacture of amorphous silicon thin-film solar panels.
Suntech expects to incur a thin-film equipment non-cash impairment charge of approximately $50 million to $55 million in the second quarter of this year. The company cites "rapid cost reduction and improving competitiveness of crystalline silicon solar panels" as the reasons for its decision to switch manufacturing focus at the Shanghai factory.
SOURCE: Suntech Power Holdings Co. Ltd.
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