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South Korea’s Hanwha Chemical will spend about $350 million to acquire a 49.99% stake in China’s Solarfun Power, which will effectively give it managerial control of the company. Solarfun’s management team will, for the time being, remain unchanged. The Shanghai-based company produces silicon ingots, wafers, and photovoltaic cells. Petrochemical producer Hanwha entered the solar business last year with the construction of a solar-cell plant in Ulsan, South Korea.
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