This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

BP Solar Scraps Maryland Factory Expansion

Written by Ucilia Wang

BP Solar [a subsidiary of <b>BP</b> <span class=" TICKERFLAT">(<a href="/quote/BP.html">BP</a> - <a href=";ticker=BP">Get Report</a><a class=" arrow" href="/quote/BP.html"><span class=" tickerChange" id="story_BP"></span></a>)</span>] has canceled a $97 million plan to expand manufacturing in Maryland, citing increasingly intense competition in the global market.

The solar company, which makes, installs and operates solar-power systems for homes and businesses, told Frederick County officials [last week] that it still plans to complete the building that was meant to house a new silicon ingot factory. But BP Solar will use the building as office space and a warehouse instead, said Tom Mueller, a spokesman for BP Solar.

The solar company won't be spending the $67 million it had set aside for buying equipment and outfitting the interior of the factory, Mueller said, adding that the competition among solar-panel makers is getting too intense.

"It's really about the competitive space that solar operates in today," Mueller said. "It's a highly competitive market right now in manufacturing side. It's growing more so with new players [from Asia] entering the space, with lower-cost manufacturing."

The company expects to finish building the $30 million, 140,000-square-foot space next year. Employees from two BP's offices in the same county will move into the new building. The new building is located at the company's North American headquarters, where it also makes solar cells and panels.

The company broke ground on the factory project in July 2007, and expected to nearly double its silicon-ingot production capacity to 150 megawatts. BP said at the time that the new building would have enough space to grow its ingot and wafer production to more than 400 megawatts later.
1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
STP $0.53 0.00%
BP $33.58 0.00%
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs