Meyer Burger announces settlement agreement with GT Advanced Technologies Inc.
Meyer Burger Technology Ltd (SIX Swiss Exchange: MBTN) announced today that it has reached a settlement agreement with GT Advanced Technologies Inc. (GTAT Corp. and related parties; hereafter “GTAT”). Under the agreement, GTAT recognises the validity of Meyer Burger’s claim amounting to USD 34.8 million and ownership of the Meyer Burger equipment including Diamond Wire cutting systems, spare parts and diamond wire related consumables will be transferred to GTAT.
GTAT filed for Chapter 11 protection under US bankruptcy code in October 2014. Meyer Burger was a supplier of industrial diamond wire saws and diamond wire materials to GTAT for the precision cutting of sapphire.
The settlement agreement is subject to the approval by the responsible United States Bankruptcy Court for the District of New Hampshire. A decision by the US Bankruptcy Court is expected by the end of June 2015.
Contact:
Michel Hirschi
Chief Financial Officer
Phone +41 33 221 28 00
ir@meyerburger.com
Werner Buchholz
Head of Corporate Communications
Phone +41 (0)33 221 25 06
werner.buchholz@meyerburger.com
About Meyer Burger Technology Ltd
www.meyerburger.com
Meyer Burger is a leading global technology Group specialising on innovative systems and processes based on semiconductor technologies. The Group’s focus is on photovoltaics (solar industry) while its competencies and technologies also cover important areas of the semiconductor and the optoelectronic industries as well as other selected high-end markets based on semiconductor materials. The Group currently employs more than 1,700 people across three continents. Over the past ten years, Meyer Burger has risen to the forefront of the photovoltaic market and established itself as an international premium brand by offering superior precision products and innovative technologies.
The Group’s offering in systems, production equipment and services along the photovoltaic value chain includes the manufacturing processes for wafers, solar cells, solar modules and solar systems. Meyer Burger provides substantial added value to its customers and clearly differentiates itself from its competitors by focusing on the entire value chain.
The Group’s comprehensive product portfolio is complemented by a worldwide service network with spare parts, consumables, process know-how, customer support, after-sales services, training and other services. Meyer Burger Group is represented in Europe, Asia and North America in the respective key markets and has subsidiaries and own service centres in China, Germany, India, Japan, Korea, Malaysia, the Netherlands, Switzerland, Singapore, Taiwan and the USA. The Group is also working intensively to develop new markets such as South America, Africa and the Arab region. The registered shares of Meyer Burger Technology Ltd are listed on the SIX Swiss Exchange (Ticker: MBTN).
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This press release may contain “forward-looking statements”, such as guidance, expectations, plans, intentions, or strategies regarding the future. These forward-looking statements are subject to risks and uncertainties. The reader is cautioned that actual future results may differ from those expressed in or implied by the statements, which constitute projections of possible developments. All forward-looking statements included in this press release are based on data available to Meyer Burger Technology Ltd as of the date that this press release is published. The Company does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
