SunEdison to spin off and IPO wafer business
SunEdison, the re-named MEMC, is to spin off its silicon wafer production business to concentrate on its business of designing, installing and maintaining solar energy farms.
MEMC was renamed SunEdison in May. In its last reported quarter SunEdison had revenues of $400m, of which one third came from silicon wafer sales.
However the company reports that wafer sales are weak while solar farm installation is a business with double digit annual growth.
The plan is to spin off the wafer business and IPO a minority holding in the spun off unit in early 2014 and invest the proceeds in its solar farm business.Tags: proceeds, production business, reported quarter, Solar energy