Wacker

The German chemicals producer said that the issue involved four contractors doing maintenance on non-operational equipment.

But Israeli inverter company Solaredge and Indian engineering, procurement and construction services provider Sterling and Wilson have both offered hope of a recovery in Europe as Chinese glass producer Xinyi said it kept the furnaces going throughout the worst of the pandemic.

Rudolf Staudigl highlighted polysilicon manufacturing overcapacity among Chinese competitors as he announced Covid-19-battered second-quarter figures for the Munich-based chemicals conglomerate.

Wacker Chemie has taken the first steps of its restructuring program with the lay-offs set to particularly affect its German locations. Poor performance by the chemical company’s polysilicon business is the main cause of the crisis.

The German polysilicon manufacturer said results for the past financial year are in line with its expectations. However, falling sales and earnings were also reported. The company blamed low prices for polysilicon for last year’s performance.

The Chinese government will extend duties on U.S. and South Korean polysilicon for another five years from today despite committing to buy $200 billion more American goods and services in the trade deal signed on Wednesday. Poly manufacturer REC Silicon says it expects polysilicon to form part of that trade agreement.

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.

The Munich company hopes the PV market will pick up in the second half, driven by demand in China. Wacker Chemie also expects rising prices for polysilicon.

The German poly manufacturer expects to increase sales in the current financial year, however EBITDA is expected to be down as much as 20% as average prices for polysilicon will continue to decline.

Chinese polysilicon maker Daqo New Energy today announced it has raised its production capacity to 30,000 MT, with a further 5,000 to follow within six months, and 35,000 on top of that by the end of March 2020.