Germany’s Wacker Group has reduced its stake in subsidiary Siltronic from 51.8% to 30.8%. The group sold 6.3 million shares to institutional investors for €55.85 per share, giving gross proceeds of about €352 million.

 “Given the favourable market situation in the semiconductor industry, we saw an opportunity to significantly reduce Wacker’s stake in Siltronic and, as planned, become a non-controlling shareholder,” said CEO Rudolf Staudigl. Despite the sale, the company remains a major shareholder in Siltronic.

In separate news, the Munich-based family-owned chemical producer has announced it will spend about €85 million to build another plant for silicon metal at its site in Holla, Norway. Completion is expected during the first half of 2019.

Wacker also said it will expand its silicone production in Brazil. An investment of around €7 million will be made in a multi-purpose facility to manufacture antifoam compounds and functional silicone fluids at its site in Jandira, near São Paulo.

The silicone fluids reactor is scheduled for completion in the second quarter of 2017 while the antifoam compounds unit is due to go on stream by the end of the year. Wacker said the expansion is in response to growing regional demand for specialty silicones in the textile, paper, household, personal care and cosmetics industries.

Annual capacity figures for both projects were not disclosed.