Settlement of lawsuit against the insolvency administrator of the Conergy Solar Module GmbH & Co. KG assets
Meyer Burger Technology Ltd (SIX Swiss Exchange: MBTN) announced today that the long-standing lawsuit of its subsidiary Roth & Rau AG against Conergy Solar Module GmbH & Co. KG, or today rather against the insolvency administrator of the Conergy Solar Module GmbH & Co. KG assets, will be closed with an amount paid in settlement.
In 2006 Roth & Rau AG entered into an agreement with Conergy Solar Module GmbH & Co. KG to supply and install four cell manufacturing lines. Roth & Rau AG considered that it was still entitled to receive payments under this agreement, which Conergy Solar Module GmbH & Co. KG consistently refused to pay and who for their part claimed damages that represented a multiple of Roth & Rau AG’s receivables. Roth & Rau AG had already written off these receivables in the past years and made a provision for the costs of this lawsuit in fiscal year 2010.
Under the achieved agreement, Roth & Rau will pay an amount of EUR 2.5 million in settlement. These expenses including the legal costs are covered by far by the provision set aside in 2010. For the income statement 2014, the release of the remaining provision that is not used anymore in this respect will lead to a positive effect of about EUR 3 million on the results.
The settlement agreement and the cessation of the claims have been determined by the Hamburg local court (Landgericht Hamburg) as at 23 December 2014.
For further information, please contact:
Werner Buchholz
Corporate Communications
Tel: +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 1,900 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, 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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