Trade Resources Industry Trends REC Has Agreed to Terminate a Long-Term Wafer Sales Contract

REC Has Agreed to Terminate a Long-Term Wafer Sales Contract

Jun 7, 2012

Tags: REC, US wafer, terminate a long-term wafer contract, US$35 million

Norway-based Renewable Energy Corporation(REC)has agreed to terminate a long-term wafer sales contract and has received US$35 million in cash compensation.

In the period 2006-2008,REC entered into a number of long term take-or-pay wafer sales contracts and most of the contracts were supported by bank guarantees.REC has now agreed to terminate one of these contracts and has received the cash compensation.

Income from this cancellation will be recognized in the second quarter of 2012,according to REC.

Source: http://www.digitimes.com/news/a20120607PR202.html

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REC Receives US$35 Million for Terminating a Long-Term Wafer Contract

Topics: Electrical & Electronics

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REC Has Agreed to Terminate a Long-Term Wafer Sales Contract

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