The erstwhile MEMC Electronic Materials Inc. will from now on be called as Sun Edison Inc. (FRA:WFR), as the company had successfully completed the change of its name after receiving overwhelming approval from the shareholders of the company. Further, the ticker symbol for Sun Edison Inc. (FRA:WFR)in the New York Stock Exchange had been changed from the existing WFR to the new SUNE as to reflect the new name of the company.
This successful change in name of the 50 years old company proves to be a milestone in its future path of development and is expected to gain a new brand image as an elite company in the semiconductor and solar power industry. Sun Edison Inc. (FRA:WFR) is primarily engaged in the development of solar energy systems and also supplies silicon wafers to the semiconductor and solar power industries. The company thus has a diversified presence in both the industries.
With the new name, the Chief Executive Officer of Sun Edison Inc. (FRA:WFR) is confident that the company would grow with its tradition of innovation and would thereby build strong legacies in the near future. The newly named company would thereby relocate its headquarters to St. Peters.
The shares of Sun Edison Inc. (FRA:WFR) had surged by 4.09 percent to close at $8.40 per share on Monday, while the intraday movement in the share prices had surged the company to hit new peak of 52 week high price level at $8.56 per share.
The company faces intense competition in the semiconductor and solar power markets from players like SunPower Corporation (NASDAQ:SPWR) which is primarily engaged in the design, manufacturing and delivery of solar electric power systems. The solar power systems of the company are supplied to residential, industrial and utility consumers through its two major business segments. The increase in consumer concern to cut down the electricity costs using renewable solar power had presented the two companies with a strong demand for production homes with roof top solar power systems. The demand for such roof top solar systems had nearly doubled from the year 2011 to 2012. This presents a viable demand for the solar power products of the two companies.