Daqo New Energy, a producer of polysilicon for solar PV industry has decided to discontinue its solar wafer manufacturing operations this month, so that it can focus on its core polysilicon manufacturing business.
The Company expects to incur approximately $21.6m in fixed-asset impairment and restructuring charges during the third quarter of 2018, including approximately $1.6m in employee severance payments and approximately $20m in impairment of long-lived assets.
Daqo New Energy CEO Longgen Zhang said: “We made a strategic decision to discontinue our solar wafer manufacturing operations to accommodate the increasingly challenging market conditions for multi-crystalline wafers. We expect to complete the shutdown of the solar wafer business in the third quarter of this year.
This move will allow us to focus all of our resources and expertise on our core polysilicon manufacturing business and Phase 3B expansion project which will begin pilot production in the fourth quarter of this year.”
Source: Company Press Release