BRIEF-REC Silicon Shuts Down Moses Lake Operations
Jan 2 (Reuters) - REC Silicon ASA RECSI.OL:
SAID ON MONDAY IT CEASED PRODUCTION AT ITS MOSES LAKE, WASHINGTON FACILITY
SAID WILL FOCUS ITS BUSINESS EFFORTS ON SILICON GASES
CUSTOMER IS NOT ABLE TO WAIT ANY LONGER FOR DELIVERY OF PRODUCT THAT CONSISTENTLY MEETS REQUIREMENTS AT CORRECT LEVELS
THERE ARE CURRENTLY NO OTHER CUSTOMERS IN US AND LIMITED CUSTOMERS OUTSIDE OF CHINA
COMPANY AND CUSTOMER ARE IN ADVANCED DISCUSSIONS REGARDING CANCELLATION OF CONTRACT, INCLUDING ELIMINATION OF PENALTIES AND DEFERRAL OF REPAYMENT OF INITIAL PRE-PAYMENT
IS IN ADVANCED DISCUSSIONS WITH ITS LARGEST SHAREHOLDER REGARDING POTENTIAL SHORT-TERM LOAN
WORKFORCE IN MOSES LAKE, ALONG WITH SOME OTHER EMPLOYEES WHO SUPPORT MOSES LAKE BUSINESS LINE, WILL BE REDUCED ACCORDINGLY
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Further company coverage: RECSI.OL
(Gdansk Newsroom)
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