REC receives NOK 370 million for terminating long term wafer sales contract

Reference is made to the third quarter report, where REC is expecting to recognize income from termination of long term wafer contracts in the fourth quarter 2011.

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    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 accepted to terminate one of these contracts and will receive a cash compensation of approximately NOK 370 million in the fourth quarter 2011.

    http://www.recgroup.com/en/