logo
Share SHARE
FONT-SIZE Plus   Neg

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

First Solar, Inc. (FSLR: Quote) 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

Editors Pick
'Booth babes' will not be seen at the RSA Conference scheduled to be held next month, as the exhibitors have added a new clause to its rules that ban revealing clothes. Although, RSA did not use the term "booth babe," its contract clearly explains that staff deployed at booths should wear business... Election fever has gripped the UK as Prime Minister David Cameron on Monday urged his people to prudently choose either a prosperous future under his Conservative Party or economic ruin under the Labour Party headed by Ed Miliband. Fast food giant McDonald's Corp. (MCD), reportedly plans to serve its breakfast menu for the whole day. According to a CNBC report citing analysts from Janney Capital Markets, McDonald's is planning to test serve breakfast for the whole day at select locations starting in the next few months. "Our...
comments powered by Disqus
RELATED NEWS
Trade FSLR now with 
Follow RTT