UPDATE – Wacker to get EUR 101m after settlement with SunEdison
May 11, 2015 14:02 CEST
May 11 – US company SunEdison Inc (NYSE:SUNE) will pay nearly EUR 76.8 million (USD 85.7m) in installments over 2015 to Wacker Chemie AG (ETR:WCH) after they settled a dispute related to polysilicon supply deals.
The renewables major and the German chemicals producer have entered into a Settlement and Release Agreement on May 7, SunEdison said on Friday. Thus they resolved disagreements regarding two long-term polysilicon supply contracts entered into by the US firm and Wacker in 2010, and the subsequent settlement agreement from August of 2012.
Apart from the EUR 76.8 million in installments to be received by Wacker, the German company will also retain EUR 24.1 million in deposits previously paid by SunEdison. Wacker said last week it expects the second-quarter earnings before interest and tax (EBIT) of its polysilicon division to rise by some EUR 78 million thanks to this one-off effect.
“Neither party has admitted to any wrongdoing or liability with respect to any of the claims related to the Agreements, and Wacker and [SunEdison] have fully released each other from any further obligations under the Agreements,” said SunEdison.
(EUR 1 = USD 1.115)
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