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REC Makes Further Adjustments to Wafer Production in Norway

The temporary shutdown is expected to affect approximately 200 employees. The debt crisis in Europe and the turmoil in the capital markets continue to have severe negative impact on demand in the solar market. Since 1 October 2011, market prices for modules, wafers and polysilicon are down approximately 10, 30 and 35 % respectively. In addition to the price pressure, REC is currently experiencing low visibility on sales volumes and inventories are increasing across all product areas. If the solar market is not improving, further adjustments of production levels will be made. REC is a leading vertically integrated player in the solar energy industry. Ranked among the world’s largest producers of polysilicon and wafers for solar applications and a rapidly growing manufacturer of solar cells and modules, REC also engages in project development activities in selected PV segments. Founded in Norway in 1996, REC is an international solar company, employing more than 3900 people worldwide with revenues close to NOK 14 billion in 2010 (11/2011).

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