Mitsubishi is exiting Hemlock Semiconductor group by selling its stake in two solar polysilicon manufacturing joint ventures of Hemlock to Dow Corning Corp, a manufacturer of silicon-based products, for $240 million.
With this deal, Dow Corning will acquire Mitsubishi’s 12.5% stake in Hemlock Semiconductor LLC, giving it complete ownership of the venture; and the Japanese company’s 12.5% in Hemlock Semiconductor Corp, giving it 80.5% ownership, according to Dow Corning. Shin-Etsu Handotai Co Ltd will remain the minority shareholder of Hemlock Semiconductor Corp and Hemlock Semiconductor PTE Ltd.
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Bigger stakes in the Hemlock ventures, which make the main raw material used in the manufacture of solar panels, is expected to will help Dow Corning to generate additional earnings and cash flow.
With this deal, Dow Corning will acquire Mitsubishi’s 12.5% stake in Hemlock Semiconductor LLC, giving it complete ownership of the venture; and the Japanese company’s 12.5% in Hemlock Semiconductor Corp, giving it 80.5% ownership, according to Dow Corning. Shin-Etsu Handotai Co Ltd will remain the minority shareholder of Hemlock Semiconductor Corp and Hemlock Semiconductor PTE Ltd.
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Bigger stakes in the Hemlock ventures, which make the main raw material used in the manufacture of solar panels, is expected to will help Dow Corning to generate additional earnings and cash flow.