SunPower Buys Philippines Plant

SunPower ( SPWR), a majority-owned subsidiary of Cypress Semiconductor ( CY), announced Thursday that it purchased a 40,000-square-meter manufacturing facility in the Philippines to expand production capacity for its industry-leading solar cells. The new facility is close to its existing plant.

"The acquisition of this building provides SunPower with the option to accelerate our growth plans," the San Jose, Calif.-based company said. "Plant 2 will be a larger manufacturing facility than Plant 1, offering us economies of scale and maximizing our opportunities for rapid cycles of learning from line to line."

SunPower is a manufacturer of commercially available solar cells and solar panels.

This story was created through a joint venture between TheStreet.com and IRIS.

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