Norway-headquartered REC Silicon has revealed plans to halt operations at its Moses Lake facility in the U.S. in 17 days’ time. The company says it has taken the decision to maintain liquidity for its semiconductor business with American workers set to pay the price for President Trump’s trade war with China.
Norwegian headquartered manufacturer, REC Silicon has posted revenue of $78 million for the fourth quarter of 2017, a 3.4% increase over the previous quarter’s $75.5 million. The company also increased its EBITDA to $10.3 million, up from $3.6 million the previous quarter.
The Chinese solar company increased its revenue sequentially despite falling shipments having begun monetizing new power plants globally. Gross profit rose to $91.4 million.
The equipment maker’s results for Q1 fiscal 2017 show a dip in revenue but growth in orders for solar equipment compared to the previous quarter.
Norwegian integrated solar power producer Scatec Solar has posted strong quarterly and yearly results, which show increases in all of the right areas, including significant revenue and EBIT growth, as well as an increase in power production.