REC Set To Join Forces With Elkem Group

At an Extraordinary General Meeting on January 15, REC’s shareholders approved to sell the business as the largest European supplier of solar panels worldwide and to combine with the Norway-based Elkem Group. The closing of the transaction is expected in early March 2015.
Bluestar Elkem Investment is set to acquire REC Solar Holdings AS and all of the assets and liabilities of REC Solar at a cash purchase price of NOK 4,340 m. Since 2011, the Elkem Group is fully owned by China National Bluestar, which in turn is a joint venture between the conglomerate ChemChina and Blackstone.
According to members of management, both companies are strongly committed to maintaining the high quality of REC’s solar panels, which far surpass stringent certifications, as well as to ensure REC warranties stay reliable. The basis for this quality will continue to be REC’s fully-automated integrated production plant in Singapore. Customers should expect “business as usual”.
Going forward, REC is expecting new business opportunities due to this transaction. As the Elkem Group is a leading supplier of silicon, REC can benefit from new synergies up-stream the value chain. “The Elkem Group has a strategic goal to grow its presence in the solar industry. The ambition is to establish a leading integrated PV player,” comments Helge Aasen, CEO of Elkem AS. (Source: Optik & Photonik 1 / 2015)

Links: REC Group

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