© Electronics Production | April 25, 2012

REC to shutdown wafer production in Norway, reports loss

Renewable Energy Corporation reported a first quarter loss of NOK 209 million (27.6 million euro), announcing it will close its Herøya wafer plant in Norway.
The shut down of the 650 MW multicrystalline wafer plant will affect about 640 employees the company said in a statement. Earlier this year, REC decided to permanently shutdown its mono wafer production capacity in Glomfjord, Norway.

The loss of NOK 209 million (27.6 million euro), was was greater than the NOK 108 million loss it posted for the same time last year.

REC reported first quarter 2012 revenues of NOK 2,138 million (283 million euro).

REC's first quarter revenues were down 25 percent from the previous quarter, while EBITDA was NOK 455 million (60 million euro) in the first quarter, up from NOK 178 million in the previous quarter, but down from NOK 1 449 million for last year's first quarter.


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