SunEdison files for $250M IPO of semiconductor unit

|By:, SA News Editor

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)