28 February 2013 16:03 [Source: ICIS news]
TOKYO (ICIS)--Japan’s JX Nippon Mining & Metals, Toho Titanium and JNC have agreed to dissolve their polysilicon joint venture due to a decrease in demand for solar panels, the companies said late on Thursday.
The three companies plan to withdraw from Japan Solar Silicon, set up in 2008, they said in a joint statement.
No specific date for the dissolution was mentioned in the statement, however.
The market for solar panels was experiencing a decline in demand amid the European debt crisis, while supply was in excess due to the capacity expansions by the Chinese producers, the firms said.
Polysilicon is a feedstock of solar panels, according to the three companies.
JNC holds a 50% share in Japan Solar Silicon, while JX Nippon Mining & Metals and Toho Titanium hold 30% and 20% respectively.
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