China Sunergy Co., Ltd. (NASDAQ: CSUN) has entered into a new supply agreement with the European wafer provider REC Wafer for a high quality supply of monocrystalline 156-millimeter wafers for the seven years from 2009 through 2015. This is not China Sunergy securing this as an order, as the company is contracting for supplies here so that it can more adequately fill its orders.
China Sunergy noted that the scheduled shipments are expected to begin in early 2009 and will be completed at the end of 2015. It also noted that both amount and price are fixed according to the thickness of wafer and the year of shipment, although it noted there is some flexibility on amounts within certain limits.
The total purchases of wafers by China Sunergy from REC Wafer are expected to exceed $400 million over the life of the Agreement. Partnering with its new supplier should reduce the company’s reliance on the spot market, and it believes that the cost savings involved will ease the pressure it has recently seen on its margins.
China Sunergy is actually up 5% after the supply contract to $11.20 on the day.
Jon C. Ogg
June 25, 2008
The Average American Has No Idea How Much Money You Can Make Today (Sponsor)
The last few years made people forget how much banks and CD’s can pay. Meanwhile, interest rates have spiked and many can afford to pay you much more, but most are keeping yields low and hoping you won’t notice.
But there is good news. To win qualified customers, some accounts are paying almost 10x the national average! That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account from Sofi. Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.