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TSMC buys stake in solar cell provider

Posted: 14 Dec 2009 ?? ?Print Version ?Bookmark and Share

Keywords:TSMC solar investment? solar cell? photovoltaic?

Taiwan Semiconductor Manufacturing Co. Ltd has signed a share subscription agreement with solar cell maker Motech Industries Inc.

The foundry giant will subscribe through a private placement for 75.32 million new Motech shares. The total consideration is approximately $193 million, or $2.56 per share. This represents a 16.9 percent discount to Motech's three-month average closing price. TSMC will become the largest shareholder of Motech with 20 percent shareholding through this investment. The transaction is subject to Motech's shareholders' and regulatory approval.

With manufacturing facilities in Taiwan and China, Motech pursues a vertical integration strategy and has in-house ingot and wafer capabilities and a majority investment in polysilicon production via advanced fluidized bed reactor technology. In addition, Motech is also a provider of photovoltaic systems and photovoltaic inverters in Taiwan.

Rick Tsai, president of TSMC new businesses, said, "We are delighted to partner with Motech in our pursuit of new opportunities in the high-growth solar sector. With the investment, TSMC intends to leverage Motech's established platform to accelerate our time to market, better evaluate opportunities along the solar value chain, and further formulate our overall solar strategy."

"TSMC's investment affirms Motech's competitive position in the solar industry," said Simon Tsuo, chairman and CEO of Motech. "TSMC's technology leadership and global management expertise would add significant value to Motech, as we strengthen supply chain integration and improve our operational efficiency. We plan to work closely with TSMC to address new business opportunities. We believe this partnership would further enhance Motech's leadership position in the solar industry."

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