MEMC Electronic Materials was ordered to pay over $8.8 million in a legal dispute with BP Solar, according to the St. Louis Business Journal. The judgement against MEMC came on Friday after a jury ruled that MEMC had violated a supply agreement with BP back in 2006 and 2007. According to BP Solar, it had an agreement with MEMC to supply it with polysilicon powder for three years. MEMC claims the agreement never existed, … Read the rest
Tag Archives: MEMC Electronic Materials
Conergy To Sue MEMC Electronic Materials (WFR) Over Contract
It’s official: Conergy is suing MEMC Electronic Materials to try to end a 10 year supply contract with the company. The contract was signed before the economy crashed and took silicon wafer prices down with it. Talks between the two companies to amend the contract broke down last week.
Here’s more from Greentech Media:
Conergy didn’t divulge details of the contract dispute, except to say that it was able to reach some agreement on … Read the rest
MEMC Electronic Materials (WFR) And Conergy At Impasse Over Supply Contract
MEMC Electronic Materials and Conergy, the German solar company that is MEMC’s second-largest customer, appear to have reached an impasse as they attempt to renegotiate a supply contract. Conergy has been attempting to renegotiate the contract due to the economic crisis and the way silicon prices have dropped over the past year.
According to a report on Barron’s, the situation between the two companies has gotten somewhat unpleasant, with Conergy casting doubt on the validity … Read the rest
MEMC Electronic Materials (WFR) Sheds Another 200 Workers
It’s deja vu all over again as we watch MEMC Electronic Materials struggle. Earlier this month, we reported that they had laid off 200 workers. Now, they’ve laid off 200 more, according to SEC filings. This time, the cuts are happening in Korea.
EETimes.com has more details from the regulatory filing:
… Read the restThe company has now committed to further reductions in force affecting an additional 200 employees of the company’s Korean subsidiary, MEMC Korea Company,” according
MEMC Electronic Materials (WFR) Lays Off 200
MEMC Electronic Materials has laid off 200 employees in Missouri and Texas. The company will pay $2.5 million in severance-related charges in the second quarter as a result of the layoffs.
In a regulatory filing, the company commented on the purpose of the layoffs, saying
“The action was taken to better align the company’s workforce to current manufacturing needs as demand for semiconductors and semiconductor wafers has been significantly impacted by the current global economic … Read the rest
MEMC Electronic Materials (WFR) Cuts Contract Price With Gintech
Earlier this week, MEMC Electronic Materials announced it would decrease the price that Suntech Power Holdings is paying for its solar wafers. Now, they have changed their contract with Gintech Energy as well. The change in the contract is similar to the change made to Suntech’s contract-price per wafer is dropping, but the volume of wafers will be increased so that the ultimate revenue from the contract remains unchanged.
MEMC Electronic Materials (WFR) Changes Its Agreement With Suntech Power (STP)
StreetInsider.com reports that MEMC Electronic Materials has amended its supply agreement from July 25, 2006 with Suntech Power. Under the agreement, MEMC Electronic Materials agreed to sell silicon wafers to Suntech for a period of 10 years. The change to the agreement does not alter the aggregate revenues for sales at all. Rather, MEMC has agreed to a volume increase for this year’s sales and a price reduction. … Read the rest
Investors File Class-Action Lawsuit Against MEMC Electronic Materials, Inc (WFR)
Investors have filed a class-action lawsuit against MEMC Electronic Materials, claiming that the company did not disclose production issues at its facilities in Italy and Texas. These issues caused the results for the quarter ending June 30th, 2008 to be unexpectedly below target.
Here’s a little bit more detail on the lawsuit from the press release linked to above:
… Read the restThen on July 23, 2008 MEMC Electronic Materials, Inc. first disclosed that in early June 2008
MEMC Electronic Materials (WFR) Lowers Q3 Sales Guidance Due to Hurricane Ike
According to StreetInsider.com, MEMC Electronics (WFR) has issued an update to its guidance following the delay of raw material deliveries from its suppliers due to the effects of Hurricane Ike.
Nabeel Gareeb, MEMC’s CEO, said, “.. some of our regional suppliers had startup difficulties primarily due to power availability, plant issues, and pipeline damage as a result of the Hurricane, preventing them from starting high volume delivery of some raw materials until yesterday. This … Read the rest