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I’m happy to announce that the acquisition of Wuxi Suntech Power Co., Ltd (“Suntech” or “Wuxi Suntech”) by Shunfeng Photovoltaic International Limited (“Shunfeng”, HKEx Stock Code: 01165) was finalized on April 7, 2014. I speak for the entire Suntech family when I say that we couldn't be more excited about our new path and upcoming journey.
The recent acquisition of Suntech has instilled in us a sense of pride, not only in our brand and our outstanding products, but in what we’re trying to achieve as an industry - making this world a better, cleaner and more sustainable place for our children.
Suntech was a solar pioneer which quickly became an industry leader paving the way for the commercialization of advanced solar PV products. The industry has matured, but Suntech’s pioneering spirit continues as we invest in new services and technological innovation. Over the coming year we plan to regain our industry leadership position in ways that will provide benefits to our customers.
I am often asked why I decided to lead Wuxi Suntech during such a challenging time. The reason is simple: This is an opportunity to be part of a groundbreaking endeavor to help lead our industry to new heights. As you may know, Shunfeng International has acquired a variety of companies with Suntech at the helm. The companies acquired make up a synergized ecosystem, yet unseen in our industry.
This means Suntech will be able to offer our clients any service on the solar value chain that you may need. We will become a turnkey solution provider with capabilities in design, engineering, manufacturing, construction, finance, insurance, operation and maintenance. As we continue to regrow our business internationally, we will be able to provide you with all solar solutions under one roof, anywhere in the world.
As we look to our future, we do not forget our past commitments. I want to assure you that your Suntech products will continue to enjoy the same support and warranties they have always received. We are proud of the Suntech brand and the quality of our products which have always made us leaders in this industry.
What to expect in 2014
While undergoing our restructuring process in 2013, we focused on creating more efficient products and more efficient business practices. We fine-tuned our operations, reducing costs and increasing the optimization of our manufacturing and automation processes. We are entering 2014 not only with a strong balance sheet, but with more efficient practices that make us stronger and more flexible when compared with our competition. We are now in the process of increasing our staff and will be announcing strategic acquisitions and launches of new products. We expect to ship more than 2.5GW of panels this year, surpassing our 2011 peak. In the coming months, we will update you with exciting news about our progress and what this means for you.
For Suntech, a new day has dawned in 2014 and the future is bright. Our entire team thanks you for being our constant source of motivation and an inspiration. We look forward to our continued collaboration with you.