First Solar Inc.'s decision to fire 30 percent of its staff and reduce production shows that even the biggest solar panel makers aren't immune from the shakeout that's bankrupted at least eight companies on two continents in the past year.
The largest thin-film solar producer said Tuesday it will cut 2,000 jobs by the end of the year at a cost of as much as $370 million. It marks the biggest staff reduction for the industry since bankrupt Solyndra, backed by U.S. government loans, dismissed its 1,100 employees on Aug. 31.
Solar manufacturers, which expanded rapidly to meet double- digit demand growth in the past decade, are struggling with subsidy cuts in Europe and plunging natural-gas prices that make renewable energy less competitive. The largest producers in China say their profits will slump this year as shipments grow.
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the logo of US company First Solar is pictured on a board in Frankfurt/Oder, eastern Germany, Tuesday, April 17, 2012. First Solar Inc. says it's shuttering its manufacturing operations at Frankfurt an der Oder in Germany due to deteriorating market conditions in Europe and to reduce costs. The Tempe, Arizona- based company said Tuesday, April 17, 2012, it will also indefinitely idle four production lines in Malaysia. |
The largest thin-film solar producer said Tuesday it will cut 2,000 jobs by the end of the year at a cost of as much as $370 million. It marks the biggest staff reduction for the industry since bankrupt Solyndra, backed by U.S. government loans, dismissed its 1,100 employees on Aug. 31.
Solar manufacturers, which expanded rapidly to meet double- digit demand growth in the past decade, are struggling with subsidy cuts in Europe and plunging natural-gas prices that make renewable energy less competitive. The largest producers in China say their profits will slump this year as shipments grow.
Read More
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