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Business

Wacker Eyes U.S. Expansion

by Alex Scott
March 24, 2014 | A version of this story appeared in Volume 92, Issue 12

Wacker Chemie intends to add a fumed silica plant to a polysilicon facility it is building in Charleston, Tenn., as part of a plan to turn Charleston into a “major chemical site,” the firm’s CEO, Rudolf Staudigl, told journalists last week. By producing more chemicals in the U.S. rather than in Germany, the firm would benefit from much cheaper energy, Staudigl said. The polysilicon plant in Charleston is due to be completed in mid-2015. Meanwhile, Wacker has signed an agreement with the Chinese government to establish an undisclosed minimum price at which it will sell its polysilicon in China. In return, China has agreed not to slap antidumping and antisubsidy tariffs on Wacker’s products. Wacker sells about 60% of its 49,000 tons per year of polysilicon to customers in China. Wacker’s polysilicon prices in 2013 were one-third lower than in the previous year, Staudigl said. The company’s overall financial performance in 2013 declined markedly, with net income down from $158 million in 2012 to $8.8 million in 2013 and sales down 3% to $6.2 billion in 2013. “After two challenging years, I am more optimistic about 2014,” Staudigl said.

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