LDK Solar Co. (LDK), the world’s second- largest maker of wafers for cells, cut 5,554 jobs this year after plunging prices cut margins to a record low amid a renewable-energy shakeout that’s pushed at least eight solar companies into bankruptcy and prompted thousands of industry firings.
LDK, which reported the lowest margins among its publicly traded peers, has cut its staff about 22 percent to 19,195 workers since the end of 2011, Chief Operations Officer Xingxue Tong said on a conference call today. The Chinese maker of polysilicon, wafers and solar panels has pared a third of its workforce since July, when it peaked at more than 28,000, in reaction to the “highly competitive” solar market.
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Read more @ LDK Solar Cuts 5,554 Workers Amid Clean-Energy Shakeout – Bloomberg.
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