New overall organizational structure
REC continues to focus on strengthening its competitiveness through successful ramp-up of new production capacity and improving operational performance. To fully leverage the advantages of being an integrated solar energy company, it has been decided to consolidate REC Wafer and REC Solar, including all of REC's activities in Singapore, under one management, headed up by EVP REC Solar and Group COO, John Andersen, Jr. EVP REC Wafer Einar Kilde has decided to pursue international career opportunities outside REC.
REC's current comprehensive capacity expansion program has now been completed and as a result of this REC's EVP Projects Matthew Shippey will in the near future be leaving REC. REC Projects will thereafter report to CFO Bjørn Brenna.
"Einar and Matthew have been instrumental in the construction of REC's Singapore facility and the new Silicon plants in the US. We thank them for their valuable contributions to the development of REC, and we wish them the best of luck in their future endeavors", says CEO Ole Enger.
Following the organizational changes, REC is expecting to realize further synergies and cost savings through a more efficient organization.
Due to these changes, from fourth quarter 2010 and onwards REC will report financial results with segment information for REC Silicon, REC Wafer (Norway) and REC Solar (wafers, cells & modules in Singapore and cells & modules in Scandinavia). There will be no changes to the legal structure of companies within the Group.
REC is a leading vertically integrated player in the solar energy industry. REC is among the world's largest producers of polysilicon and wafers for solar applications, and a rapidly growing manufacturer of solar cells and modules. REC is also engaged in project development activities in selected PV segments. Founded in Norway, REC is an international solar company, employing close to 4,000 people worldwide. REC had revenues in excess of NOK 9 billion in 2009. Please visit www.recgroup.com to learn more about REC.