DGAP-News: SolarWorld brings action in the U.S. against cheap imports from China
(firmenpresse) - DGAP-News: SolarWorld AG / Key word(s): Miscellaneous
SolarWorld brings action in the U.S. against cheap imports from China
19.10.2011 / 19:32
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19.10.2011
Corporate News SolarWorld AG
(Securities Code No.: WKN 510 840)
(International Securities Identification Number: ISIN DE0005108401)
SolarWorld brings action in the U.S. against cheap imports from China
Several U.S. solar technology manufacturers start petition in Washington,
D.C., against unfair competition
Today, the U.S. subsidiary of the SolarWorld Group, SolarWorld Industries
America Inc., supported by a group of additional U.S. manufacturers of
solar power technology, started a petition before the government in
Washington, D.C., against the growing flood of cheap imports from China. In
doing so, they are challenging the state-subsidized Chinese solar industry
that for some time has been inundating the U.S. market with solar cells and
panels at dumped prices to systematically secure a higher market share.
This action against unfair trade practices is one of the largest against
China in the United States, and it is the first in the field of renewable
energy worldwide.
Dr.-Ing. E. h. Frank Asbeck, Chairman and CEO of SolarWorld AG: 'Our German
and U.S. factories are fully competitive internationally - but China's
unfair trade practices must be addressed.'
In the four-volume petition submitted to the U.S. Department of Commerce
and the U.S. International Trade Commission, the companies challenge the
Chinese industry's dumped pricing and illegal subsidies, thus protesting
against the destruction of domestic jobs. With a large number of subsidies
and preferential treatments, the Chinese government and its state
authorities have enabled its solar industry to make price cuts well beyond
their own efficiency and to massively expand the export of its goods. Many
documented cases of violations of social, quality and environmental
standards that regulate production sites in the U.S. and Germany have also
been discovered.
Gordon Brinser, President of the U.S. subsidiary SolarWorld Industries
America Inc.: 'China has no cost advantages - not even through very low
wages. In the case of high-tech products like solar power modules and solar
cells, the share of labor costs is very low. In our case, for example, it
is below ten percent.' China's alleged wage cost advantages would be
compensated for by higher overhead and transport costs. 'The Chinese
industry's ability to offer dumping prices is solely attributable to
massive subsidies by the Chinese State Banks and the Chinese government.'
Evidence of these illegal trade practices is provided by U.S. companies
united in the Coalition for American Solar Manufacturing in their
several-hundred-page four-volume documents to support the petition.
About SolarWorld AG: The SolarWorld AG Group (ISIN: DE0005108401) is a
worldwide leader in offering brand-name, high quality, crystalline
solar-power technology. Its strength is its fully integrated solar
production. From silicon as the raw material through wafers, cells and
modules all the way to turn-key solar systems of all sizes, the group
combines all stages of the solar value chain. The central business activity
is selling quality modules into the installation and distribution trades
and crystalline wafers to the international solar cell industry. Group
headquarters are located in Bonn, Germany. The group's largest production
facilities operate in Freiberg, Germany and Hillsboro in the U.S. State of
Oregon. Sustainability is the basis of the group strategy. Under the name
Solar2World, the group supports care projects using off-grid solar-power
solutions in developing countries, exemplifying sustainable economic
development. Worldwide, SolarWorld employs about 3,300 people. SolarWorld
AG has been quoted on the stock exchange since 1999 and today is listed on,
among others, the TecDAX andÖkoDAX as well as in the sustainability index
NAI.
Contact:
SolarWorld AG
Martin-Luther-King-Str. 24
53175 Bonn / Germany
Tel.: +49 228 55920-400
Email: presse(at)solarworld.de
Internet: www.solarworld.de
End of Corporate News
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19.10.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: SolarWorld AG
Martin-Luther-King-Straße 24
53175 Bonn
Germany
Phone: +49 (0)228 - 559 20 470
Fax: +49 (0)228 - 559 20 9470
E-mail: placement(at)solarworld.de
Internet: www.solarworld.de
ISIN: DE0005108401
WKN: 510840
Listed: Regulierter Markt in Düsseldorf, Frankfurt (Prime
Standard); Freiverkehr in Berlin, Hamburg, München,
Stuttgart; Terminbörse EUREX
End of News DGAP News-Service
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142828 19.10.2011
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Datum: 19.10.2011 - 19:32 Uhr
Sprache: Deutsch
News-ID 78087
Anzahl Zeichen: 6685
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Kategorie:
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