logo
Share SHARE
FONT-SIZE Plus   Neg

First Solar To Close Manufacturing Opns. In Frankfurt - Quick Facts

First Solar, Inc. (FSLR) said it is restructuring its operations in response to deteriorating market conditions in Europe and to reduce costs and align its organization with sustainable market opportunities.

As part of the above program, the company will close its manufacturing operations in Frankfurt (Oder), Germany, in the fourth quarter of 2012. Besides, First Solar will indefinitely idle four production lines at its manufacturing center in Kulim, Malaysia, on May 1, 2012.

According to the company, the above actions, combined with other personnel reductions in Europe and U.S., will reduce its global workforce by around 2,000 positions, about 30 percent of the total.

The restructuring initiatives are expected to reduce First Solar's costs by $30-60 million in 2012 and $100-120 million annually going forward. Also, the company's average manufacturing cost is expected to improve to $0.70-$0.72 per watt in 2012 as a result of the changes, below prior expectations of $0.74 per watt. In 2013, the company estimates that average module manufacturing costs will range from $0.60 to $0.64 per watt.

First Solar stated that to achieve cost savings, it will record restructuring and other related charges of $245-370 million, of which $80-120 million are cash expenditures. The company expects to incur charges primarily during the first quarter of 2012 and the rest over the course of this year.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
HSBC is reportedly laying off about 100 of its senior investment bankers worldwide, as the banking giant strives to curb operating costs. According to reports, the London-headquartered bank will eliminate managing director and director level employees at the Global Banking and Markets division, as... Samsung Electronics Co., Ltd. (SMSN.L, SSNNF.OB, SSNLF.OB) will reportedly blame faulty batteries for last year's Galaxy Note 7 fiasco. According to a Wall Street Journal report, Samsung's investigation of Galaxy Note 7 smartphones found that some batteries were irregularly sized while others had... Federal investigators have closed their probe of a fatal crash that involved a Tesla Motors Inc. car eight months ago. The regulators said they have found no safety defects in the vehicle's automated driving system and that Tesla's Autopilot-enabled vehicles did not need to be recalled.
comments powered by Disqus
Follow RTT