Reuters: Technology News: Suntech to shut Arizona solar panel making facility

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Suntech to shut Arizona solar panel making facility Mar 12th 2013, 13:14 Tweet Share this Email Print Related News UPDATE 3-Trina Solar forecasts higher shipments, margins still anemic Tue, Feb 26 2013 EU and China stumble towards solar trade war Thu, Feb 21 2013 Related Topics Tech » Hot Stocks » Asian Markets » A man walks past Suntech Power Holdings headquarters in Wuxi, Jiangsu province March 26, 2010. Credit: Reuters/Stringer Tue Mar 12, 2013 9:14am EDT (Reuters) - Cash-strapped Suntech Power Holdings Co Ltd (STP.N) said it would stop production at its solar panel-making facility in Goodyear, Arizona, as it looks to shore up its finances. Suntech on Monday got a two-month reprieve on its $541 million convertible bond due this Friday after it reached an agreement with some of the bond holders. The company had debt of $2.2 billion at the end of March 2012. Higher production costs, U.S. import tariffs on China-made solar cells and global oversupply caused the facility's closure, Suntech said in a statement. Suntech faces U.S. duties of 35.97 percent on solar cells produced in China used at the plant. The company, one of the world's largest solar panel manufacturers by capacity, will close the plant on April 3, affecting 43 employees. Suntech had 17,693 employees as of December 2011, the latest period for which information is available. The company said it was also hurt by U.S. tariffs on aluminum frames, another input in solar panel making. Production at the facility, which was as high as 50 megwatt (MW) in 2011, was cut to 15 MW per year last November. The company, which has not released quarterly results since the second quarter of 2012, reported losses for the four quarters before that. Suntech shares were little changed at $1.16 before the bell on Tuesday. (Reporting by Swetha Gopinath in Bangalore; Editing by Sriraj Kalluvila) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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