REC extends temporary shutdown of production capacity
Sandvika, August 25, 2011: Renewable Energy Corporation ASA (REC) extends temporary shutdown of production capacity.
REC has earlier announced temporary shutdown of production capacity in Norway throughout the third quarter.
Market prices have stabilized but not recovered over the last few months, and REC has therefore decided to extend the capacity shutdowns in Norway until year end. The shutdowns represent approximately 45 percent of the wafer capacity in Norway, and include the oldest wafer plants at Herøya and the multi wafer plant in Glomfjord in addition to the cell plant in Narvik. Approximately 600 employees are expected to be affected by the extended temporary lay-offs. REC continues to evaluate the appropriate plant structure in Norway going forward.
REC Silicon's facilities in the US, and the integrated wafer, cell and module production facility in Singapore continue to operate at full capacity.
For more information, please contact;
Mikkel Tørud, VP & IRO; +47 976 99 144
Peder Poulsson, Investor Relations Analyst; +47 950 26 311
REC is a leading vertically integrated player in the solar energy industry. Ranked among the world's largest producers of polysilicon and wafers for solar applications and a rapidly growing manufacturer of solar cells and modules, REC also engages in project development activities in selected PV segments. Founded in Norway in 1996, REC is an international solar company, employing more than 3,900 people worldwide with revenues close to NOK 14 billion in 2010. Please visit www.recgroup.com to learn more about REC.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)