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Monday, December 8, 2014

Hanwha SolarOne to purchase affiliate in bid to avoid U.S. duties, (NASDAQ: HSOL)

Hanwha SolarOne Co Ltd will purchase Germany-based affiliate Q Cell Investment Co Ltd in a deal valued at about $1.2 billion to avoid U.S. tariffs on China-made products.Q Cell, owned by Hanwha SolarOne's parent Hanwha Holdings Co Ltd, has plants in Malaysia, which are not subject to U.S. and European anti-dumping tariffs.South Korea-based Hanwha Holdings said the deal would create a combined company with an enterprise value of about $2 billion.Solar panel makers with plants in China have been hurt by anti-dumping duties imposed by the United States and Europe, and a cut in subsidies for solar products in Europe.

Hanwha SolarOne Co., Ltd. (Hanwha SolarOne) is an integrated manufacturer of silicon ingots, silicon wafers, PV cells and PV modules in China. Shares of HSOL traded higher by 3.85% or $0.06/share to $1.62. In the past year, the shares have traded as low as $1.51 and as high as $4.24. On average, 439714 shares of HSOL exchange hands on a given day and today's volume is recorded at 588989.