UPDATE 1-Applied Materials says value of solar order cut

* Value of solar equipment sale slashed to $250 mln

* Was $1.9 bln; company blames global economy for cut

* Applied Materials shrs slide 4.8 pct after-hours

SAN FRANCISCO, April 6 (Reuters) - Applied Materials Inc (AMAT.O) said on Monday the value of a sales agreement to supply solar production equipment to a private buyer has been slashed to $250 million from $1.9 billion due a worsening global economy.

Shares in Applied Materials, the semiconductor equipment maker that has been steadily expanding its solar capacity to offset slowing sales for more traditional chip gear, slid 55 cents, or 4.8 percent, to $11.01 in after-hours trade.

The company announced in March 2008 the agreement to supply its SunFab thin film solar production equipment and related services to an unnamed privately held company.

Applied Materials said in a filing with the U.S. Securities and Exchange Commission it has not recognized any orders in connection with the original agreement or the amended agreement. The companies continue to explore additional business opportunities, Applied Materials said.

Shares of Santa Clara, California-based Applied Materials closed down 25 cents, or 2.1 percent, at $11.56 on Nasdaq. (Reporting by Gabriel Madway; Editing by Gary Hill)