Hyundai Heavy Industries has pulled back from the polysilicon manufacturing business. The company has transferred its 49% stake in Korean Advanced Materials to the KCC Group for free, according to a recent report published by "Korea IT Times". KCC Group and Hyundai Heavy had founded the joint venture Korean Advanced Materials in 2008.
The sustained downturn in the photovoltaic industry has been blamed for the decision. The KCC Group will take over the polysilicon manufacturer as a 100% subsidiary, the report said.
After Hyundai Heavy Industries' gratis retirement of stocks from Korean Advanced Materials, the company has lost 83 million. Both companies had originally invested twice as much money in the joint venture.
At the end of 2012, Korean Advanced Materials had total debt of more than 130 million. In the future, the firm will continue to operate its photovoltaic module manufacturing plant in Eumseong, Chungbuk province, a company official told the Korean news portal.
Translated by Vera von Kreutzbruck.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.