SEOUL, South Korea and ST. PETERS, Mo., Feb. 15, 2011 /PRNewswire/ -- Samsung Fine Chemicals (SFC) and MEMC Electronic Materials, Inc. (NYSE: WFR) announced today a joint venture agreement between SFC and MEMC's affiliate, MEMC Singapore, to produce high purity polysilicon in Ulsan, Korea.
Through a 50/50 capital investment, the joint venture will build and operate a new facility on an existing SFC property in Ulsan. The facility, which is expected to begin production in 2013, will have an initial capacity of 10,000 metric tons (MT) of polysilicon annually, and have the potential to expand to satisfy rapidly growing demand over time.
The collaboration seeks to provide polysilicon to support growth initiatives as well as minimize business risk by ensuring cost and quality competitiveness through the combination of MEMC and SFC's advanced technology and processing infrastructure. SFC's core competence is in chlorination processes and high purity purification technology. MEMC is a world leader in semiconductor and solar technology, with over 50 years of expertise in polysilicon and wafers.
Commenting on the agreement, Hyun-min Hong, Executive Director of SFC's Strategic Planning Division, said, "This joint venture signals SFC's entry into the fast moving renewable energy market and establishes a new engine for long-term growth."
Ken Hannah, President of MEMC Solar Materials, added, "We are very excited about bringing MEMC's polysilicon technology to Korea. This partnership supports MEMC's internal growth commitments, and gives us yet another tool to support our customers in the region with some of the best products and services in the industry."
About Samsung Fine Chemicals
SFC is a chemical affiliate of Samsung Group and a producer of electronic materials such as Laser Printer Toner, BT Powder, and Liquid Crystal Polymer, as well as specialty chemicals used for a variety of industries, including pharmaceutical coating materials and construction additives. SFC is reinforcing the business portfolio by expanding into environmental friendly products such as biodegradable polymer, and renewable energy materials. SFC's common stock is listed on the Korean Stock Exchange under the symbol "004000.KR" and is included in the KOSPI 200 Index. For more information on SFC, please visit www.sfc.samsung.co.kr.
MEMC is a world leader in semiconductor and solar technology. MEMC has been a pioneer in the design and development of silicon wafer technologies for 50 years. With R&D and manufacturing facilities in the U.S., Europe and Asia, MEMC enables the next generation of high performance semiconductor devices and solar cells. Through its SunEdison subsidiary, MEMC is also a developer of solar power projects and a worldwide leader in solar energy services. MEMC's common stock is listed on the New York Stock Exchange under the symbol "WFR" and is included in the S&P 500 Index. For more information about MEMC, please visit www.memc.com.
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements, including that the facility is expected to begin production in 2013; and that the facility will have an initial capacity of 10,000 metric tons (MT) of polysilicon annually. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include the ability of the parties to reach expected capacity; delays or interruptions in bringing the plant online; the timely availability of required permits and authorizations from governmental entities and third parties; the ability of the parties to perform their obligations under the joint venture agreement; and other risks described in MEMC's filings with the Securities and Exchange Commission, including its Form 10-K for the 2009 fiscal year and its quarterly reports on Form 10-Q for the first, second and third quarters of 2010. These forward-looking statements represent MEMC's judgment as of the date of this release. MEMC disclaims, however, any intent or obligation to update these forward-looking statements.
SOURCE MEMC Electronic Materials, Inc.; Samsung Fine Chemicals