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News Breaks
February 10, 2014
07:02 EDTSUNESunEdison announces cost reduction actions in Italy and Missouri operations
SunEdison announced that it will indefinitely close its shuttered polysilicon manufacturing facility in Merano, Italy immediately. The Merano polysilicon facility was shuttered in December of 2011 as part of a restructuring plan to better align the business with current and expected market conditions and improve overall cost competitiveness. For the past two years SunEdison explored various options to improve the cost effectiveness of the Merano polysilicon facility. Ultimately, the identified cost reductions were not enough to sustain the economic viability of the plant in the current market environment. The indefinite closure will affect approximately 200 employees at the Merano polysilicon plant. In connection with the closure, the associated electronic grade TCS operation will be closed over the next 12 months. As a result of the decision to indefinitely close the polysilicon manufacturing facility and TCS operation, we expect to record approximately $37M of fixed asset impairments for the year-ended December 31, 2013. SunEdison will also commence a plan to consolidate its semiconductor crystal operations. The consolidation will include the transitioning of small diameter crystal activities in its St. Peters, Missouri facility to its other crystal facilities in Korea, Taiwan and Italy. The crystal manufacturing consolidation will affect approximately 100 employees in St. Peters and will be implemented over the next 12 months.
News For SUNE From The Last 14 Days
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May 28, 2015
07:34 EDTSUNESunEdison to build seven solar power plants in Long Island for 14 MW
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May 27, 2015
11:22 EDTSUNEStocks with call strike movement; TWTR SUNE
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07:34 EDTSUNESunEdison's 3.8 MW South Milford, Utah solar plant comes online
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May 26, 2015
15:23 EDTSUNERBC says sell First Solar as earnings power overestimated
RBC Capital cut its rating on solar energy company First Solar (FSLR) to Underperform, its equivalent of a "sell" rating, in a note to investors earlier today. WHAT'S NEW: First Solar's earnings power is significantly below analysts' consensus estimate and the company's guidance, RBC Capital analyst Mahesh Sanganeria wrote. The company's profits will be limited due to the lower selling prices of its modules and its declining gross margin, the analyst stated. Moreover, even if demand for modules is very strong, First Solar's sales will be limited by its capacity, Sanganeria contended. Furthermore, First Solar's cost advantage over competing modules has eroded and may disappear completely, partly due to significant declines in polysilicon prices and manufacturing efficiency improvements, the analyst stated. Sanganeria downgraded the shares to Underperform from Sector Perform and lowered the price target on the stock to $34 from $54. WHAT'S NOTABLE: In contrast, UBS was upbeat on the outlook for another name in the solar sector, SunEdison (SUNE), in its own note to investors today. SunEdison is may begin paying a dividend and could expand into Canadian renewable projects, UBS analyst Julien Dumoulin-Smith wrote. The company may acquire Canadian assets for relatively cheap prices, said Dumoulin-Smith, who kept a $32 price target and Buy rating on SunEdison. PRICE ACTION: In afternoon trading, First Solar dropped 6.7% to $51.41 and SunEdison slipped 1.7% to $30.14. CORRECTION: This story corrects an earlier one to clarify that 8point3 Energy Partners is a growth-oriented limited partnership formed by First Solar and SunPower (SPWR) to own, operate and acquire solar energy generation projects. TerraForm Global is the diversified, dividend growth-oriented company formed to acquire clean energy generation assets from SunEdison.
08:26 EDTSUNESunEdison could pursue dividend to increase value, says UBS
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May 22, 2015
09:53 EDTSUNESunEdison initiated with an Outperform at Wolfe Research
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May 21, 2015
07:33 EDTSUNESunEdison awarded 33MW rooftop solar contract in Southern California
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May 20, 2015
10:00 EDTSUNEOn The Fly: Analyst Initiation Summary
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May 19, 2015
16:42 EDTSUNESunEdison initiated with an Outperform at Baird
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