LDK Solar To Sell Stake In Chinese Plant For $220M

Law360, New York (November 18, 2009, 2:59 PM EST) -- Solar wafer manufacturer LDK Solar Co. Ltd. and Jiangxi National Trust and Investment Co. Ltd. have struck a deal under which Jiangxi will acquire a stake in an LDK polysilicon plant in China for around $220 million.

LDK will sell a 15 percent stake in a 15,000-metric ton annualized capacity polysilicon plant in Xinyu, China, for 1.5 billion yuan ($220 million), the company announced Tuesday.

Jiangxi's investment will strengthen the LDK's financial position and increase its operating flexibility, LDK chairman and CEO Xiaofeng Peng said....
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