Wacker Benefits From Solar Contract Rewrite

Wacker Chemie is set to retain a $160 million payment after rewriting a contract with an undisclosed solar-silicon customer. The German chemical firm will recognize a special payment in the first quarter in lieu of a legal fight. The new contract involves amended delivery volumes and prices for highly pure polysilicon used for solar cells. Separately, Wacker has increased its ownership in a Singaporean producer of silicon wafers to 78% from 50%. Wacker has paid Samsung, its joint-venture partner in the business, $205 million for the additional ownership stake. The venture has a monthly capacity of more than 300,000 wafers and employs 650 staffers.