Hyundai Heavy to Take Its Hands off of Polysilicon Business

Published on 14 May 2013
Hyundai Heavy Industries Green Energy  KCC, KAM 
May 07, 2013 - Hyundai Heavy Industries has withdrawn from the polysilicon manufacturing business following a gratis retirement of stocks of Korean Advanced Materials, a polysilicon maker jointly established by Hyundai Heavy and KCC Group. It was because of the protracted downturn in the solar power business, a Hyundai Heavy official said.

KCC Group said on May 6 in a regulatory filing that it would put Korean Advanced Materials under its wings as a 100-percent subsidiary, following a gratis retirement of 49-percent stake held by Hyundai Heavy Industries. As a result, Hyundai Heavy took a loss of 120 billion won from the investment. Korean Advanced Materials was established in 2008 with a paid-in capital of 240 billion won.

As of the end of 2012, Korean Advanced Materials fell into a state of total capital impairment with a total debt of 193.7 billion won and an asset of 197.7 billion won. A company official said, "We will keep up with the solar business centering on the photovoltaic module plant in Eumseong, Chungbuk Province."


ENF Profiles For Companies Mentioned in This Article

Hyundai Heavy Industries Green Energy (Solar Panels): https://www.enfsolar.com/directory/panel/4172
KCC, KAM (Solar Materials): https://www.enfsolar.com/directory/material/4438
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