|
|
News Breaks | | | | September 5, 2012 | | 09:03 EDT |  | WFR | MEMC Electronic announces settlement of TCS supply agreements
MEMC Electronic announced that its affiliate, MEMC Electronic Materials, SpA, and Evonik Industries, have agreed to settle and resolve disputes related to two long-term take-or-pay supply agreements for the supply of trichlorosilane to MEMC's Merano, Italy polysilicon facility. Pursuant to the settlement agreements, MEMC will pay Evonik a total of EUR 70M in full settlement of all obligations under the terminated supply agreements, with such payments to be made in installments over the next five quarters, including the payment of EUR 10M in the current quarter. As part of strategic restructuring initiatives announced in December 2011, MEMC indicated it would idle the Merano facility and would consider closing the facility unless dramatic feedstock, power and other cost reductions were achieved. As a result of this decision, MEMC terminated the two long-term supply agreements with Evonik. In connection with the restructuring, MEMC recorded significant restructuring accruals in the 2011 fourth quarter based on management's best estimates of the ultimate outcome of this and other loss contingencies at that time. | |
|
News For WFR From The Last 14 Days Check below for free stories on WFR the last two weeks. |
|
|
| May 24, 2013 | | 07:18 EDT |  | WFR | MEMC Electronic price target raised to $11 from $8 at Deutsche Bank
 Subscribe for More Information | | | May 23, 2013 | | 09:00 EDT |  | WFR | MEMC Electronic management to meet with Deutsche Bank
Meeting to be held in Boston on May 23 hosted by Deutsche Bank. | | | May 15, 2013 | | 10:09 EDT | | WFR | MEMC Electronic management to meet with Lazard Capital
Subscribe for More Information | |
|
|
|
|
|
|
