LDK Solar Announces Arbitration Ruling

Published December 28th 2012 at 2:55pm
LDK Solar  JYT Corporation 

Dec. 27, 2012 - LDK Solar Co., Ltd. today announced that the China International Economic and Trade Arbitration Commission (CIETAC) stated that the wafer equipment supply contract entered into in July 2008 between LDK Solar and JYT Corporation of Beijing (JYT) is valid and effective through the duration and at terms and conditions related to quantities and prices set forth therein. Under this contract, LDK Solar agreed to purchase furnaces used in the manufacturing of multicrystalline and monocrystalline ingots for installation in its manufacturing facilities in Xinyu City, China.

On December 25, 2012 CIETAC stated that by virtue of the arbitration proceedings LDK shall pay to JYT an amount of approximately RMB 294 million as well as approximately an additional amount of RMB 3.4 million to cover arbitral fees accrued as a result of this proceeding.

"With regret, we were unable to take delivery of the ordered furnaces as scheduled from JYT primarily due to slower than expected industry growth and the widely available capacity of other peers," stated Xingxue Tong, President and CEO of LDK Solar. "LDK Solar is committed to innovation, quality and customer service.  We have sufficient manufacturing capacity to support our valued customers and we will continue working with our vendors and customers, so that together we can overcome the challenges facing our industry," concluded Mr. Tong.


ENF Profiles For Companies Mentioned in This Article

LDK Solar (Solar Materials): http://www.enfsolar.com/directory/material/2209
LDK Solar (Solar Panels): http://www.enfsolar.com/directory/panel/2209
JYT Corporation (Production Equipment): http://www.enfsolar.com/directory/equipment/2636
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