LDK Solar, Sumitomo terminate wafers supply contract

LDK Solar, Sumitomo terminate wafers supply contract

Nov 6, 2012 - Chinese photovoltaic (PV) product maker LDK Solar Co Ltd (NYSE:LDK) said Tuesday it had agreed to terminate its solar wafer supply contract with Japanese Sumitomo Corp (TYO:8316).

LDK will receive a USD 33.4 million (EUR 26m) as a settlement payment from Sumitomo.

Under the terms of the original September 2008 contract, LDK Solar was to supply multicrystalline silicon wafers to Sumitomo until 2016. Within the deal, Sumitomo paid a portion of the entire contract’s value to LDK Solar in advance.

(USD 1 = EUR 0.775)

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Published Nov 06, 2012 11:13 CEST

Author Dobromir Gyulev

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