MEMC Electronic Materials Inc. will now be called SunEdison Inc. (NYSE:WFR) after the company’s shareholders had overwhelmingly approved the change of name for the company at the Annual Meeting of Shareholders. The company had also announced in San Francisco, Claifornia that the symbol for SunEdison Inc. (NYSE:WFR) would be changed in the New York Stock Exchange from WFR to SUNE. The change in name of the company proves to be another milestone in the growth of SunEdison Inc. (NYSE:WFR) which was founded as MEMC Electronic Materials Inc. around 50 years ago.
The leadership team at the helm of SunEdison Inc. (NYSE:WFR) is confident that the new name would provide the company with greater appeal and scalability which would ensure long term growth and brand equity to the company. SunEdison Inc. (NYSE:WFR)is primarily involved in the development, manufacturing, commercialization and sale of silicon wafers. Further the company also operates in the development and sale of photovoltaic energy solutions. SunEdison Inc. (NYSE:WFR) thereby operates its business in two major segments namely the semiconductor materials segment and the solar energy segment.
The broad product and service offerings provided by SunEdison Inc. (NYSE:WFR) in the two major industries of semiconductor and solar energy strengthens the future prospects of the firm with significant growth opportunities. Further, the diversified product offering and strategic business model with focus on innovation secure a strong market position for SunEdison Inc. (NYSE:WFR) in both the industries.
In its move to secure bigger market share in the solar power industry, SunEdison Inc. (NYSE:WFR) would be facing intense competition from the SunPower Corporation (NASDAQ:SPWR) which is primarily engaged in the development, manufacturing and commercialization of solar electric systems for residential, commercial and utility scale power plant customers in worldwide markets. Owing to strong demand for its solar power products, SunPower Corporation (NASDAQ:SPWR)operates its business through two major segments namely Utility and Power Plants Segment and Residential and Commercial Segment. The former segment serves to take care of providing solar power systems to the utility consumers in the worldwide markets and the latter segment serves the individual residential and commercial customers with its products.