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GT Advanced Technologies Announces Korea-Based Polysilicon Producer OCI Selects the Newest Generation SDR™ Reactors as Part of Its Phase 4 Expansion Program

published: 2011-08-19 14:02

GT Advanced Technologies Inc., (NASDAQ: GTAT), announced that it has received $33 million in additional bookings from Korea-based polysilicon producer OCI Company, Ltd, resulting from OCI’s exercise of an option under a previously announced contract to support its Phase 4 expansion. The additional bookings raise the value of the original contract, which was announced on May 18, 2011, to $269 million for polysilicon production equipment and technology.

The original contract was based on pricing related to an option for OCI to purchase GT’s newest generation SDR reactors, if the new reactors met OCI’s technical and performance requirements after their internal testing. OCI recently decided to purchase the newest reactors, triggering the increase in bookings. The additional $33 million will be included in GT’s backlog for its Q2 FY12, which ends on October 1st, 2011.

“We are pleased that OCI has elected to purchase our newest SDR reactors as part of their Phase 4 capacity expansion project,” said Tom Gutierrez, GT Advanced Technologies’ president and CEO. “Our SDR reactors continue the innovation track record of our polysilicon production equipment business by improving throughput and lowering operating expenses for our customers.”

OCI’s Phase 4 expansion will add 20,000 metric tons of additional capacity when it is completed bringing OCI’s total production polysilicon capacity to 62,000 metric tons annually. OCI currently ranks among the world’s top three polysilicon producers with all of its capacity based on GT’s SDR reactors. GT Advanced Technologies’ polysilicon production equipment includes the PV industry’s most productive and energy efficient CVD reactors.

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