Friday, April 11, 2014

"Suntech Power and Wuxi Suntech Reach Cooperation Agreement" $STPFQ

Press release.

[F]ollowing negotiations by the JPLs with the current management at Wuxi Suntech, Suntech Power has entered into a Cooperation Agreement with Wuxi Suntech which provides a framework for the following (among other things):

    Suntech Power licenses to Wuxi Suntech certain product certificates held by Suntech Power. It is expected, however, that Wuxi Suntech will obtain its own product certificates later in 2014 in due course;
    Suntech Power, including its distribution subsidiaries in the United States and Europe, will act as intermediaries for the sale of products manufactured by Wuxi Suntech, facilitating Wuxi Suntech entering into sales contracts with such customers. For a period of one year, Suntech Power would earn a commission from Wuxi Suntech in connection with any such sale;
    For a period of one year, Suntech Power, including its customer support representatives at its subsidiaries in the United States and Europe, would provide after-sales service for Wuxi Suntech manufactured products which have been sold; and
    Wuxi Suntech would support the restructuring of Suntech Power International, Ltd., the principal operating subsidiary of Suntech Power in Europe which is currently engaged in a restructuring proceeding under Swiss law.

1 comment:

Anonymous said...

Suntech holding website has been replaced by Shunfeng Wuxi Suntech. No Suntech holding website any more...