Monday, July 13, 2009

Hoku Materials May Seek Sale, Slows Construction

Hoku Materials, the firm which is looking to build a polysilicon factory in Pocatello, Idaho, said late Friday that the firm has slowed down its construction and has engaged Deutsche Bank Securities as an advisor in a possible sale of the firm, as the credit crunch has hit the firm. The firm said it is talking with "several" strategic financial investors, but said it will need "a few months" to work through financing options. Hoku Scientific, the parent firm of Hoku Materials, said that it had no plans to lay off any of its staff in Pocatello. The firm said that the credit crunch, a general economic downturn, and pressure of pricing of polysilicon and PV have caught the firm.