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Solar panel producer Suntech Power Holdings Co. said Wednesday it is buying 375 megawatts of wafer manufacturing capacity in China for $127 million.
Suntech said the wafer manufacturing capacity is being spun off from a subsidiary of Glory Silicon Technology Investments (Hong Kong) Ltd., in which Suntech holds an equity stake. The company is buying the remaining 70 percent. The $127 million price is after about $80 million of liabilities owed to Suntech, the company said.
Shares of Suntech fell 81 cents, or 9.7 percent, to $7.53 after the company posted disappointing third-quarter results. Earlier, the stock hit a 52-week low of $7.46.