Suntech Power Holdings Co., Ltd. (NYSE: STP), a leading photovoltaic manufacturer, has established Suntech Europe Ltd., a wholly-owned subsidiary, 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.
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. Jerry Stokes, Vice President of International Sales and Marketing for MSK, has been appointed President of Suntech Europe.
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 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,” said Dr. Zhengrong Shi, Suntech’s chairman and CEO.
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