MEMC Electronic Materials (WFR) Amends Agreement With Suntech Power (STP)

February 11, 2009 6:09 PM EST
MEMC Electronic Materials (NYSE: WFR) entered into Amendment Number 1 to Solar Wafer Supply Agreement with Suntech Power Holdings (NYSE: STP).

The Amendment amends the Solar Wafer Supply Agreement between MEMC and Suntech dated July 25, 2006, pursuant to which the Company had agreed to sell solar grade silicon wafers to Suntech over a ten-year period. As amended, aggregate revenues under the Agreement for sales in 2009 and aggregate revenues for sales over the remaining term of the contract remain unchanged, but a volume increase and a price reduction for 2009 have been effectuated. There were no changes to the Agreement’s requirements for security deposits or letters of credit, and in all other respects the Agreement remains in full force and effect.

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