By Peter Walker-Smith, Business Insider The company that provides panels to manufacturers and home and business owners across the globe has closed its doors.
The company announced the closure of its website on Tuesday.
“Today, Samsung SMMsPanel provider SMMPanel was acquired by SMM-Panel Group, which is a leading provider of panel manufacturers in Australia, China, India, Indonesia, Mexico, the Philippines, Singapore, Thailand and Vietnam,” the company wrote on its website.
“SMM-Group is a wholly owned subsidiary of Samsung and is wholly owned by Samsung.
SMM is a subsidiary of SMM, which also operates SMM panel supplier SMM and is the exclusive supplier of SMMs panels to many global OEMs and retailers.”
The company was founded in 2004.
It was also acquired by the US company L-3 Communications in December of 2017 for $2.5 billion.
The deal was valued at $10 billion at the time.
Samsung was acquired in a $US20 billion deal by Microsoft for $US2.6 billion.
The SMM service has become a hot topic in recent months.
In September, the Federal Government announced it would phase out panels manufactured by SMMs and replaced them with solar panels.
It also announced the scrapping of its subsidies for SMM panels.
The Australian Competition and Consumer Commission is investigating the issue, and a group of SMMA members is planning a rally in Canberra to lobby the Government to end subsidies.