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Business | May 29, 2012

Motech suspends production at AEP

Motech Industries Inc announced on May 28, 2012, a production suspension at its polysilicon subsidiary, AE Polysilicon (AEP).

"Due to a drastically changing solar industry environment and a lack of economies of scale, AE Polysilicon Corporation (AEP), an investee company of Motech, had decided to cease polysilicon production." Workforce reductions, a safe-shutdown of its manufacturing facilities and an asset sale are being initiated. The asset sale proposal is pending approval by the stockholders of AEP. "As of Apr 30, 2012, Motech’s financial exposure in AEP totaled approximately USD 41 million, consisting of investments of approximately USD 26 million and a prepayment of USD 15 million.
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