LDK Solar (NYSE: LDK) said it will terminate its long-term solar wafer supply agreement with Japan-based Sumitomo Corp.
Under the terms of the agreement, originally signed in September 2008, LDK was to supply multicrystalline silicon wafers to Sumitomo over an eight-year period from 2009 through 2016. Sumitomo made an advanced payment for a portion of the contract value to LDK.
Sumitomo will pay LDK a settlement of $33.4 million to end the contract.
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