Already a Bloomberg.com user?
Sign in with the same account.
(Corrects description of product in second paragraph.)
Sinovel Wind Group Co. (601558)’s complaint against American Superconductor Corp. (AMSC) claiming it was sold substandard parts will be heard by the Beijing Arbitration Committee.
Sinovel, China’s largest wind-turbine maker, is seeking 105 million yuan ($17 million) plus fees for eight turbine-control units delivered in 2008 that it claims were substandard, the Beijing-based company said in a filing with the Shanghai Stock Exchange today.
The company said profits may be reduced as a result of the arbitration case.
American Superconductor is suing Sinovel in Chinese courts, seeking more than $1.2 billion in damages for allegedly violating sales contracts and stealing intellectual property. Before the suit, Sinovel was the Devens, Massachusetts-based company’s largest customer.
To contact the reporter on this story: Benjamin Haas in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Susan Warren at email@example.com