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|LDK Solar Announces Investment in Silane Gas Business|
XINYU CITY, China and SUNNYVALE, Calif., April 11, 2011 /PRNewswire via COMTEX/ -- LDK Solar Co., Ltd. ("LDK Solar") (NYSE: LDK), a leading manufacturer of multicrystalline solar wafers and PV products, today announced a $35 million investment to establish a new manufacturing line to produce silane gas in its Mahong Plant in Xinyu City, Jiangxi Province to supply up to 2,000 MT of silane gas to meet the growing demand from the semiconductor, solar and flat panel display industries. LDK Solar expects to begin construction of this new plant in the third quarter of 2011 and to achieve mechanical completion in the first quarter of 2012. Commercial production is being planned to commence in the second quarter of 2012.
"We are very pleased to expand our business to capture the growing demand for silane from the semiconductor, flat panel display and solar industries in Asia," stated Xiaofeng Peng, Chairman and CEO of LDK Solar.
"We believe this new investment in manufacturing silane gas has a great synergy with LDK Solar's polysilicon manufacturing expertise and will enhance LDK Solar's product offerings in the long term. There is growing demand for silane in China, but there is not a domestic supplier."
"We will be able to leverage our existing technologies and Trichlorosilane (TCS) production assets to lower the capital expenditure as well as to achieve very attractive manufacturing costs. We believe that LDK Solar will have a competitive advantage as the first mover supplying domestic silane gas needs," added Goran Bye, President and CEO of LDK Silicon and Chemical Business Unit.
About LDK Solar (NYSE: LDK)
LDK Solar Co., Ltd. (NYSE: LDK) is a leading vertically integrated manufacturer of photovoltaic (PV) products and a leading manufacturer of solar wafers in terms of capacity. LDK Solar manufactures polysilicon, mono and multicrystalline ingots, wafers, modules and cells. The Company also engages in project development activities in selected segments of the PV market. Through its broad product offering, LDK Solar provides its customers with a full spectrum of PV solutions. LDK Solar's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's office in the United States is located in Sunnyvale, California. For more information about LDK Solar and its products, please visit http://www.ldksolar.com/.
Safe Harbor Statement for LDK Solar
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements, including but not limited to, LDK Solar's ability to raise additional capital to finance its operating activities, the effectiveness, profitability and marketability of its products, the future trading of its securities, the ability of LDK Solar to operate as a public company, the period of time during which its current liquidity will enable LDK Solar to fund its operations, its ability to protect its proprietary information, the general economic and business environment and conditions, the volatility of LDK Solar's operating results and financial condition, its ability to attract and retain qualified senior management personnel and research and development staff, its ability to timely and efficiently complete its ongoing construction projects, including its polysilicon plants, and other risks and uncertainties disclosed in LDK Solar's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on information available to LDK Solar's management as of the date hereof and on its current expectations, assumptions, estimates and projections about LDK Solar and the solar industry. Actual results may differ materially from the anticipated results because of such and other risks and uncertainties. LDK Solar undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, assumptions, estimates and projections except as may be required by law.
SOURCE LDK Solar Co., Ltd.