British polycrystalline wafer manufacturer PV Crystalox has confirmed it will shut down its polycrystalline ingot production in the U.K. The company said it will cease operations at its British facility in the third quarter of this year, and that its local trading unit Crystalox Limited will be lost.
PV Crystalox, which announced the decision to phase-out production at the factory in late March, blamed the continuing adverse PV market environment, where wafer prices remain below production costs, for this course of action. The company added it will now will source ingots from a third-party supplier and process these into blocks in the U.K. and continue to supply wafers to customers from its facility in Germany.
PV Crystalox also said it will complete its strategic review following receipt of the judgement of the arbitral tribunal on the company's dispute with an unspecified customer who failed to purchase wafers in line with its obligations under a long-term sales contract. The judgement is expected to be issued by the end of the third quarter.
As of the end of June 30, the company’s cash position was €27.9 million, slightly down from €28.8 million at the end of 2016.
In February 2016, the company closed its wafer production in Japan. The unit had been idled during 2015, due to a decline in cell manufacturing and the lack of an active customer base in Japan.
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