Motech shuts down AE Polysilicon

Despite “numerous efforts to improve the price competitiveness of its products,” the company said changes in the solar industry and a lack of economies of scale led to their decision to cease production. “To protect the rights and interests of AEP’s creditors and shareholders, the board of directors of AEP had adopted a resolution to undertake measures, including initiating workforce reductions, proceeding with a safe-shutdown of its manufacturing facilities, and conducting an asset sale," a statement by the company said. The proposal to sell assets is pending approval by the stockholders of AEP.