Soitec, a designer and manufacturer of semiconductor materials for the electronics and energy industries, announced that despite the signature on May 20, 2015 of an agreement for the sale of a portion of its solar business (including technology assets and manufacturing operations in Germany and in the USA) to ConcenSolar, a privately held company and a business partner of Suncore Photovoltaic Technology Co Ltd, the closing will not occur.
Soitec is disappointed and particularly for the loss of this opportunity with the corresponding anticipated capital gains as expected and indicated in its communications dated May 20 and 28, 2015. Due to the depreciated book values of the contemplated assets as of fiscal year ending March 31, 2015, the company will not record additional depreciation in its accounts.
Soitec will continue its plan to refocus on its core electronics business and to transition away from its solar business activities. Maximizing opportunities to realize value from its solar assets remains a priority for Soitec. Soitec will also continue to support its current solar energy customers.