May. 30, 2012 (China Knowledge) - Taiwan-based solar cell producer Motech Industries said that it plans to close and sell its polysilicon subsidiary in the U.S., AE Polysilicon Corp(AEP), due to falling polysilion spot prices.
The company said in a statement that it had a US$41 million financial exposure to AEP, which comprised a total investment of about US$26 million and US$15 million of prepayments.
The company said that the planned asset sale is still subject to approval from shareholders of AEP, which is located in Fairless Hills, Pennsylvania, U.S.
Motech Industries owns a 33% stake in AEP, and Total S.A. holds a 25.4%.
In 2010, Motech was ranked among the top ten solar cell manufacturers worldwide in terms of production output.