- Obama’s regulatory agenda will cost U.S. economy $143B next year: report
- Patriot Act author on James Clapper: Fire, prosecute him
- Russia P.M. Medvedev: No amnesty for political prisoners
- Michigan GOP Senate hopeful reminds government is the ‘servant’
- Christmas, by Congress: Members mull a 15-cent tax on trees
- U.S. unemployment falls to five-year low of 7 percent; 203K jobs added
- World mourns Nelson Mandela and celebrates his life; burial set for Dec. 15
- Bill O’Reilly reminds: Nelson Mandela ‘was a communist’
- John Boehner says GOP should support gay candidates: ‘I do’
- Grass-Whopper: Pan-fried cricket burgers go over big in New York City
First Solar lays off 2,000 workers
Lack of demand forces firm to shut down plant
Question of the Day
America’s largest maker of solar panels said the layoffs amount to 30 percent of its global workforce. Some cuts come from shutting down the Frankfurt (Oder) plant, where it doubled the number of employees to more than 1,200 just last year. The company will also shutter some production in Malaysia. Additional jobs will be cut in both Europe and the U.S.
Solar manufacturers have been hurt by the global recession, an influx of Chinese panels and declining subsidy programs in Europe. Germany, the world’s largest market for solar power, announced in February that it would cut solar subsidies by 30 percent.
“It is clear the European market has deteriorated to the extent that our operations there are no longer economically sustainable, and maintaining those operations is not in the best long-term interest of our stakeholders,” said First Solar Chairman and CEO Mike Ahearn in a statement.
First Solar, which specializes in “thin film” solar modules that are both cheaper and less efficient than those made by competitors, lost $39.5 million in 2011. Its shares have dropped nearly 85 percent in the past 12 months. The shares rose about 5 percent in premarket trading.
“It is essential that we reduce production and decrease expenses,” the CEO said. “These actions will enable us to focus our resources on developing the markets where we expect to generate significant growth in coming years.”
After making the cuts, First Solar said it expects manufacturing costs to drop by $30 million to $60 million this year and another $100 million to $120 million a year afterward. It will book a restructuring charge of $245 million to $370 million, mostly in its first-quarter results.
© Copyright 2013 The Washington Times, LLC. Click here for reprint permission.
- Spike in battlefield deaths linked to restrictive rules of engagement
- Obama administration issues permits for wind farms to kill more eagles
- MILLER: Obamacare enrollees include 101 members of the House of Representatives
- Bill OReilly reminds: Nelson Mandela was a communist
- Rush Limbaugh: Obama trying to make Mandela death about himself
- EDITORIAL: Our ideological president
- Federal deficit shrinks 20 percent in fiscal 2014
- Activists urge Obama to go rogue, sidestep Congress
- PRUDEN: British press horrified as London's new mayor dares to proclaim the truth
- Hola: Boehner prepares to push amnesty bill through House
Independent voices from the The Washington Times Communities
The Constitution: Every issue, every time. No exceptions, no excuses. And how to get from here to there.
Why can’t humans just be free to be humans?
Get in the middle of all the action inside and outside the boxing ring.
Find the latest news and happening that effect those in the Washington D.C., Northern Virginia and Maryland Metro region.
White House pets gone wild!