MEMC Says Wafer Lawsuit With Conergy Settled
REUTERS - MEMC Electronic Materials Inc (WFR.N) said on Sunday it had reached an out-of-court settlement of a solar wafer supply contract lawsuit with Germany's Conergy AG (CGYG.DE) and that it would receive an undisclosed payment.
Under the terms of a contract signed about two years ago, MEMC supplies solar wafers to Conergy over a 10-year period, with pre-determined pricing, on a take-or-pay basis. Conergy has sought to declare the contract invalid.
Under the terms of the amended contract, Conergy can cut the minimum quantity of wafers it must buy over the remaining eight-plus years of the contract.
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