Photo:Lutor44, Creative Commons, Flickr
The management of SunTech (STP – Last trade $39.48) has demonstrated great ability to negotiate long term polysilicon supply agreements. It has now become obvious that one of the company’s primary goals is to secure long term supply contracts. During the company’s 1Q07 conference call, the CEO said that the company expected supply from long term contracts to hit 45% to 50% during 2Q07, compared to 28% in 1Q07.
MEMC Electronic Material (WFR - Last trade $58.82) reported last week that a construction incident at its Pasadena, Texas, polysilicon facility resulted in a power outage to the entire site. Although the power was eventually restored later that day, the unplanned and abrupt shutdown of high temperature and pressure chemical operations caused considerable complications. The facility is responsible for about 70% of their total production, and as a result the company said that they expect Q3 revenues to be approximately 5% below the previously targeted level of $500 million. They also said that margins are to be approximately flat sequentially from 2Q07 levels due to the associated costs.
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