LDK Solar Co
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LDK Solar Co. Ltd. (NYSE: LDK), located in Xinyu City, Jiangxi province in the People's Republic of China, manufactures multicrystalline solar wafers used in solar cells. Additionally, LDK provides wafering services for both monocrystalline and multicrystalline wafers to companies who provide their own ingot stock. [1] LDK's principal customers have included CSI, Chinalight Solar Co., Ltd., Solarfun Power Holdings Co., Ltd., Solartech Energy Corp., Solland Solar Energy B.V., and Suntech Power Holdings Co., Ltd. The Company has sold wafers to Chinalight primarily pursuant to short-term sales contracts, and monthly and quarterly purchase orders.[2]
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[edit] Capacity
LDK has stated a capacity of 215 MW as of March 17, 2007, with plans to expand to 400 MW by the end of 2007. In 2008, the company plans to have 800 MW in production. [3]
[edit] Allegations of Inventory Discrepancy
A former Financial Controller claimed that LDK was not properly writing off inventory of silicon scrap that could not be used for production. The company announced it had done an internal audit of their inventory, and an external audit done by their main auditor (KPMG).[4]
LDK was cleared by the independent audit. [5] Goldman Sachs has since upgraded LDK to "neutral" and has removed it from the "conviction sell" list.[6]
[edit] Polysilicon Production
LDK has contracted ($1 Billion) with Fluor Corp., an American engineering firm, for construction of a polysilicon plant. It is planned to produce 6000 tons of virgin polysilicon by end of 2008, and 15,000 tons by end of 2009.[7]
[edit] References
- ^ NYSE Listed Company Directory, Symbol: LDK
- ^ "LDK Full Description", reuters.com. Retrieved on 2008-02-24. (English)
- ^ Capacity. LDK Solar Co., Ltd. Retrieved on 2008-02-24.
- ^ Kho, Jennifer. "LDK Says SEC Is Inquiring Into Inventory Discrepancy Allegations", Greentech Media.com, 2007-10-30. Retrieved on 2008-02-24. (English)
- ^ Gutierrez, Carl. "LDK Solar's Sunny Audit", forbes.com, 2007-12-17. Retrieved on 2008-02-24. (English)
- ^ "Goldman Sachs upgrades LDK Solar (LDK) To Neutral", StreetInsider.com, 2008-02-19. Retrieved on 2008-02-24. (English)
- ^ Daily, Matt; Lewis Krauskopf, Gerald E. McCormick. "Fluor wins $1 bln contract for LDK Solar plant", Reuters, 2007-09-07. Retrieved on 2008-02-24. (English)
[edit] External Links
LDK Solar Co., Ltd. - Official Website LDK Solar Co., Ltd. - Investor Relations LDK Solar Co., Ltd. - Polysilicon Plant Progress Yahoo Finance - Summary of LDK
