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.
About MEMC
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