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REC joins Elkem Group

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REC joins Elkem Group

REC Solar joins with Norwegian company, Elkem Group

REC has announced that it will join with the Norwegian company, Elkem Group. The combination of REC and Elkem provides a strong platform for further mutual growth whilst creating a solid financial footing for REC.

The Elkem Group (a subsidiary of Bluestar Elkem) is an established Norwegian company, with over 14 production facilities on five continents worldwide, as well as an extensive existing global network of sales offices and representatives. They specialise in the environmentally-friendly production of materials including solar grade silicon.

Bluestar Elkem reports it is keen to grow REC and therefore there will be no short-term changes to production, technological developments, products or sales contracts within REC. REC’s staff and processes will not be affected by this transition and they will continue to deliver high-quality products backed by excellent service and support.

The transition will see Bluestar Elkem purchase 100% of the shares of REC Solar Holdings AS, subject to approval of REC shareholders early next year, and is expected to be completed by April 2015.

“The Elkem Group and REC Solar have developed a strong business relationship and there is a good strategic match between the companies ensuring that a combined entity will have a strong basis for further development by leveraging REC Solar’s leading global brand, strong distribution channels and reputation for quality.”

- Helge Aasen, CEO of Elkem AS

REC Customer Letter – Purchase by Elkem

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