Wacker posts drop in net income, delays US polysilicon project

Wacker-Chemie reported a major drop in its third-quarter net income due to “significant declines in sales and earnings” in its polysilicon division. The company, as a result, is delaying by 18 months the completion of a previously announced greenfield polysilicon project at Charleston, TN, and it has lowered its guidance for 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 down 36%, to €204...

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