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Yingli Acquisition Marks Company's Expansion Into Polysilicon
Vertically integrated photovoltaic product manufacturer Yingli Green Energy Holding Company Limited (NYSE:YGE) announced on Thursday that it had completed the acquisition of Cyber Power Group Limited, the parent company of Baoding-based polysilicon producer Fine Silicon Co. Ltd. Yingli Green Energy paid $77.6 million to Cyber Power affiliate Grand Avenue Group, which is controlled by Yingli CEO Liansheng Miao, Baoding Yingli Group Company Limited and Yingli subsidiary Yingli Energy (China) Company.
Cyber Power's Fine Silicon subsidiary is a development stage enterprise that is scheduled to begin manufacturing polysilicon in the second half of 2009. The acquisition expands Yingli's production capacity to include solar-grade polysilicon, said Yingli chief financial officer Zongwei Li.
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