Suntech Closing Goodyear Solar Plant; Blames U.S. Solar Tariff

more+
less-

Suntech announced last week that it will be closing its Goodyear, AZ panel manufacturing facility in April. We blogged here about Suntech's decision to locate in Arizona in Nov. 2009. The company blamed the closure on hefty tariffs imposed on Chinese solar cells by the U.S. International Trade Commission (although the panels were assembled in Arizona, the cells were produced in China). However, the tariffs are not completely to blame for the company's financial problems -- Suntech announced last summer that it was defrauded into investing 530 million euros ($690 million) in non-existent German bonds. It also had a $541 bond payment due on Friday, on which it defaulted today. Suntech's stock is down almost 80% in the last year.

Forty-three jobs in Arizona's struggling solar industry will be lost as a result of the closure.

We previously blogged about the tariff on Chinese solar cells: Commerce Department Proposes Tariffs on Chinese Solar Panels; and Disagreement Over Effectiveness, Wisdom of U.S. Tariffs on Chinese Solar Cells.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Lewis Roca Rothgerber | Attorney Advertising

Written by:

more+
less-

Lewis Roca Rothgerber on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×