MEMC Electronic Materials

The story of MEMC, or Monsanto Electronic Materials Company, begins in 1959. It was founded by Monsanto Chemical Company to produce silicon wafers for the burgeoning electronics industry. Starting in St. Peters, Missouri, the company was a true pioneer, developing crucial technologies like chemical-mechanical polishing (CMP) in 1962, which became an industry standard for creating ultra-flat wafer surfaces. The company's journey involved several ownership changes. In 1989, it was acquired by the German firm Hüls AG and merged with a company called Dynamit Nobel Silicon. A significant milestone occurred in 1995 when MEMC launched its Initial Public Offering (IPO). However, the cyclical nature of the semiconductor industry brought challenges, and by 2001, the company was struggling. Private equity firm TPG acquired a majority stake from German utility E.ON for a nominal fee, restructuring the company's debt. A pivotal chapter began in 2009 with the acquisition of SunEdison, a major developer of solar power projects. This move was a strategic diversification, aiming to create a new growth engine by participating directly in the renewable energy market. Reflecting this new focus, MEMC officially rebranded itself as SunEdison in 2013. This transformation marked a full pivot from a materials supplier to an integrated energy company, a dramatic evolution from its origins as a small silicon wafer maker.