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Monday, Sep 9
SunEdison files for $250M IPO of semiconductor unit
- SunEdison (SUNE) has filed to spin off its semiconductor materials unit, SunEdison Semiconductor, via an IPO of up to $250M.
- SunEdison plans to use the money to build solar farms, following peer companies such as SunPower and First Solar, which have made similar moves as panel prices remain weak.
- SunEdison Semiconductor produces wafers used in chips for computers, mobile phones and cars, with its largest customers including Samsung, Taiwan Semiconductor Manufacturing Co. and STMicroelectronics. The unit earned revenue of $239M in Q2, or 60% of SunEdison's total.
- SunEdison Semiconductor intends to trade under the ticker symbol "WFR." (S-1)