SINGAPORE, May 11, 2011 /PRNewswire/ -- Flextronics (NASDAQ: FLEX) and MEMC Electronic Materials, Inc. (NYSE: WFR) today announced the expansion of an agreement between Flextronics and MEMC's affiliate, MEMC Singapore, to produce solar panels for MEMC's SunEdison subsidiary. This partnership expansion includes the production of solar panels from Flextronics' Clean Tech Supersite in Port of Tanjung Pelepas (PTP), Malaysia. The MEMC-branded solar panels will be used by SunEdison for its solar photovoltaic (PV) projects. This announcement follows an earlier agreement between the two companies signed in December 2010 under the terms of which Flextronics will manufacture solar PV panels for MEMC from its Newmarket, Ontario facility. Through the expansion announced today, Flextronics expects to build approximately 270 megawatts of solar panels annually for SunEdison in Malaysia.
"This partnership provides additional module capacity to support SunEdison's growth worldwide as we work to meet the growing global demand for solar energy," said Carlos Domenech, president of SunEdison. "It also allows us to strengthen our relationship with Flextronics and build on what we are accomplishing together in Canada."
"We are pleased to be expanding our partnership with MEMC to include manufacturing at our module super site in Malaysia. Today's announcement utilizes our 1GW Malaysia super site which we believe makes us the largest EMS module provider in Asia," said E.C. Sykes, president of Flextronics Industrial. "Our capabilities, investments and commitment to invest further in Clean Tech are being embraced by our customers globally and today's MEMC expanded partnership underscores the value and strategic benefit customers are enjoying by partnering with Flextronics."
About FlextronicsHeadquartered in Singapore (Singapore Reg. No. 199002645H), Flextronics is a leading Electronics Manufacturing Services (EMS) provider focused on delivering complete design, engineering and manufacturing services to automotive, computing, consumer, industrial, infrastructure, medical and mobile OEMs. Flextronics helps customers design, build, ship, and service electronics products through a network of facilities in 30 countries on four continents. This global presence provides design and engineering solutions that are combined with core electronics manufacturing and logistics services, and vertically integrated with components technologies, to optimize customer operations by lowering costs and reducing time to market. For more information, please visit www.flextronics.com. About SunEdison SunEdison is a global provider of solar-energy services. The company designs, develops, finances, installs and operates distributed power plants using proven photovoltaic technologies, delivering fully managed, predictably priced solar energy services for its commercial, government and utility customers. In 2010, SunEdison deployed more than 160 megawatts of solar PV systems throughout the world. For more information about SunEdison, please visit www.sunedison.com About MEMC MEMC is a global leader in semiconductor and solar technology. MEMC has been a pioneer in the design and development of silicon wafer technologies for 50 years. With R&D and manufacturing facilities in the U.S., Europe, and Asia, MEMC enables the next generation of high performance semiconductor devices and solar cells. Through its SunEdison subsidiary, MEMC is also a developer of solar power projects and a worldwide leader in solar energy services. MEMC's common stock is listed on the New York Stock Exchange under the symbol "WFR" and is included in the S&P 500 Index. For more information about MEMC, please visit www.memc.com. Forward Looking Statements Certain matters discussed in this press release are forward-looking statements, including that the facility is expected to produce approximately 270 megawatts of solar panels annually. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include the ability of the parties to reach expected capacity; delays or interruptions in production of the solar panels or in bringing the plant online; the timely availability of required permits and authorizations from governmental entities and third parties; changes in applicable regulatory requirements and incentives for production of solar power; and other risks described in MEMC's filings with the Securities and Exchange Commission, including its Form 10-K for the 2010 fiscal year. These forward-looking statements represent MEMC's judgment as of the date of this release. MEMC disclaims, however, any intent or obligation to update these forward-looking statements.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV