The Munich-based group has reported a big impairment on its polysilicon production assets. The company cited the lack of a recovery in the PV project market, persistently low polysilicon prices and overcapacity in manufacturing, blaming state subsidies to Chinese rivals.
German polysilicon producer Wacker Chemie AG has reduced its earnings expectations for 2019, citing low prices for polysilicon. The company blamed the polysilicon price slump on oversupply from competitors in China, which muted an expected price increase in the second half of 2019.
The Munich-based chemical company has taken a substantial minority share in the British materials specialist to expand its silicon-based high-performance battery activity. The value of the transaction was not disclosed.
With the anti-dumping and countervailing duties imposed in November 2013 set to expire nine months ago, the Canadian International Trade Tribunal has extended them for another five years, ruling their expiry would harm the nation’s only domestic manufacturer.
The Munich-based chemical company posted an increase in sales but the fall in polysilicon prices last year and the temporary closure of US production after a hydrogen explosion had a significant impact on the results.
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