MEMC completes acquisition of Solaicx

"We are delighted to complete this acquisition and to welcome the employees of Solaicx," said Ken Hannah, president of MEMC Solar Materials.

In connection with the acquisition of Solaicx, the company granted special inducement grants under its shareholder-approved 2001 Equity Incentive Plan to retain certain Solaicx employees as employees of MEMC.

As a result of the acquisition, the company says it now has proprietary continuous crystal growth manufacturing technology that yields low-cost, high-efficiency monocrystalline silicon wafers for the photovoltaic solar industry.