Home Business & Finance Gintech has no merger plan for subsidiary, say sources
Gintech has no merger plan for subsidiary, say sources

Gintech has no merger plan for subsidiary, say sources

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Solar cell maker Gintech Energy has no plans to have its solar wafer subsidiary Utech Solar merge with fellow maker Eversol, sources with Gintech has said in the wake of market rumors claiming the company is mulling such a merger.

Gintech is a major shareholder of Eversol.

The sources said Gintech is only considering cooperation between Utech and Eversol but has not yet made specific plans.

Eversol has annual capacity of 500MWp for growing solar ingots and 500MWp for slicing ingots into wafers, the sources indicated. Eversol in 2015 signed a 3-year strategic cooperation agreement with fellow maker Green Energy Technology (GET) to allow the latter to use its ingot-growing capacity, the sources noted.

If Utech merged with Eversol, its annual production capacity would increase to 1,000MWp.

Source:Digitimes

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Anand Gupta Editor - EQ Int'l Media Network

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