Wacker reports major drop in net income, delays US polysilicon investment, lowers guidance

Wacker-Chemie today reported a major drop in its net income on the back of “significant declines in sales and earnings” in its polysilicon division. The company says it is delaying by 18 months the completion of a previously announced greenfield polysilicon project at Charleston, TN, and it has lowered its guidance for the whole of 2012. Net income plummeted to €26.9 million ($34.9 million) in the third quarter, compared with €124.9 million in the year-earlier period. Group sales fell 6%, to €1.2 billion, and Ebitda was 36% down, at...

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