May 07, 2013 - Hyundai Heavy Industries has withdrawn from the polysilicon manufacturing business following a gratis retirement of stocks of Korean Advanced Materials, a polysilicon maker jointly established by Hyundai Heavy and KCC Group. It was because of the protracted downturn in the solar power business, a Hyundai Heavy official said.
KCC Group said on May 6 in a regulatory filing that it would put Korean Advanced Materials under its wings as a 100-percent subsidiary, following a gratis retirement of 49-percent stake held by Hyundai Heavy Industries. As a result, Hyundai Heavy took a loss of 120 billion won from the investment. Korean Advanced Materials was established in 2008 with a paid-in capital of 240 billion won.
As of the end of 2012, Korean Advanced Materials fell into a state of total capital impairment with a total debt of 193.7 billion won and an asset of 197.7 billion won. A company official said, "We will keep up with the solar business centering on the photovoltaic module plant in Eumseong, Chungbuk Province."