WUXI, China and LONDON, Jan. 31 /Xinhua-PRNewswire/ -- Suntech Power
Holdings Co., Ltd. (NYSE: STP), one of the world's leading manufacturers of
photovoltaic (PV) cells and modules, announced that it has established Suntech
Europe Ltd., a wholly-owned corporation, as part of a natural evolution to
expand its customer base as well as to deepen the service and support offered
to its customers in Europe, the Middle East and Africa (EMEA). The
headquarters for Suntech Europe will be in London with sales offices expected
to be opened in key cities in the region commencing in 2007.
Suntech has been actively selling its products into Europe which accounts
for the majority of its revenues over the past five years. Its newly acquired
subsidiary, MSK Corporation has also generated significant revenue from sales
in Europe over the course of its 20 years selling PV products. Mr. Jerry
Stokes who had served as Vice President of International Sales and Marketing
for MSK with responsibility for MSK's international sales and marketing ex-
Japan has been appointed as President of Suntech Europe with responsibility
for the EMEA region for the Suntech group. The Suntech and MSK sales and
marketing force in the EMEA region will be integrated under Mr. Stokes. The
Suntech and MSK customer base is complementary and the company believes that
this alignment will optimize serving respective customer bases and continuing
the accelerated sales momentum in this key region. In addition to selling PV
cells and modules, Suntech Europe will focus on expanding the sale of MSK's
building-integrated photovoltaics (BIPV) product which will build upon its
first mover advantage in this space.
The MSK brand in EMEA will continue to be preserved and its customers will
be supported by Suntech Europe.
Mr. Stokes has been actively involved in the solar PV, fuel cell, energy
conversion and usage industries in Europe for over 20 years including over
three years at MSK. "I am delighted to assume this on-the-ground role to
ensure that we provide the highest level of service to the Suntech family of
customers as we grow the business. I am looking forward to expanding and
unifying our customer base, establishing and maintaining long standing
relationships," said Mr. Stokes.
"The establishment of Suntech Europe and regional offices is critical for
Suntech to maintain its momentum as a strong leader within the European market
as exemplified by our recent 23+MW contract win for the world's largest solar
farm in Spain. Mr. Stokes experience makes him uniquely qualified to pursue
new sales initiatives in the BIPV space in combination with Suntech's
resources and scale. Given the breadth of MSK's success in developing a
sustainable and deep customer base in Europe and Jerry's strong track record
in the PV industry, I believe that establishing Suntech Europe under Jerry's
leadership will ensure that we optimize our respective customer bases and
continue our accelerated sales momentum in this key region," said Dr.
Zhengrong Shi, Suntech's chairman and CEO.
Suntech Power Holdings Co., Ltd. is a leading solar energy company in the
world as measured by both production output and capacity of solar cells and
modules. Suntech provides solar solutions for a green future. Suntech
designs, develops, manufactures, and markets a variety of high quality, cost
effective and environmentally friendly PV cells and modules for electric power
applications in the residential, commercial, industrial, and public utility
sectors. Suntech's majority-owned subsidiary, MSK Corporation is one of the
top-ranked companies in the building-integrated photovoltaics (BIPV) space.
Suntech's customers are located in various markets worldwide, including key
markets throughout Europe, Japan, China and the United States. For more
information, please visit http://www.suntech-power.com .
Safe Harbor Statement
This press release contains forward-looking statements. These statements
constitute "forward-looking" statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, and as defined in the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking statements
can be identified by terminology such as "will, " "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates" and similar statements.
Among other things, Suntech's expectations with respect to the Suntech Europe
contain forward-looking statements. Such statements involve certain risks and
uncertainties that could cause actual results to differ materially from those
in the forward-looking statements. Further information regarding these and
other risks is included in Suntech's filings with the U.S. Securities and
Exchange Commission, including its Annual Report on Form 20-F. Suntech does
not undertake any obligation to update any forward-looking statement as a
result of new information, future events or otherwise, except as required
under applicable law.
For more information, please contact:
Suntech Europe Ltd.
VP of Business Development
Suntech Power Holdings Co., Ltd.
Ogilvy Public Relations Worldwide
SOURCE Suntech Power Holdings Co., Ltd.
/CONTACT: Jerry Stokes, President of Suntech Europe Ltd.,
+44-208-582-0393, or email@example.com, or Steven Chan, VP of
Business Development of Suntech Power Holdings Co., Ltd., +86-510-8531-8910,
or firstname.lastname@example.org; or Rory Macpherson, Senior Associate of Ogilvy Public
Relations Worldwide, +86-10-8520-6553, or email@example.com, for STP
/Web Site: http://www.suntech-power.com /
CO: Suntech Power Holdings Co., Ltd.; Suntech Europe Ltd.
ST: China, England
IN: OIL UTI
-- CNW012 --
6366 01/31/2007 08:10 EST http://www.prnewswire.com