MEMC (WFR) +3.4% after agreeing to pay Germany's Evonik Industries €70M ($88.2M) to resolve a...

|By:, SA News Editor

MEMC (WFR) +3.4% after agreeing to pay Germany's Evonik Industries €70M ($88.2M) to resolve a dispute over the supply of trichlorosilane (TCS) to an Italian MEMC solar wafer plant that has been idled. As part of the agreement, MEMC will acquire an Evonik TCS facility at its Italian plant. The company expects to "recognize a material benefit to operating income" in Q3 from the deal.